I have the exact same problem.
a few weeks ago, Windows Media completely stopped working. Sometimes when I click on it, I get an hourglass for a second before it stops but most of the time, nothing happens. I thought it was something with my computer (6 years old, windows 98, 450 mHz and on its deathbed) but apparently not.
Now I have hope that it will work again one day.
your friendly neighborhood kumquat warrior, temporarily back from his year long stint in the Holy Land where he has no access to wotmania...