See this article for troubleshooting tips, including answers to several of the questions that you have in your post:
The problem is that other applications aren't able to find and communicate with QuickTime. Maybe that's because of an update to your security software that is blocking the communciation; maybe it's because the QT32 Server component is crashing... See the above article to learn about many possible causes.
Also, it is very important that you give details, including exact version numbers, when asking for help. Please provide answers to the questions listed here: "FAQ: What information should I provide when asking a question on this forum?"
BTW, this thread from you from more than a month ago makes me think that you have something like firewall/security software getting in the way, since you've also experienced blockage of Dynamic Link communication between applications:
Thank you for your input and help.
First, I do not have any issues anymore with my dynamic link and being able to export projects or convert file formats anymore. I do not know why I was unable to do so before, but i recently was able to connect and export 3 separate different projects since the post I added about a month ago. One of them being the project I am currently working on that I posted the QuickTime question about.
I also went to check for software updates under the Help drop down menu in After Effects and it said that all the software was up-to-date. (I have version 10.0.2 - maybe there is an update that my software isn't recognizing that I would need to install that could fix the issue?)
I can give more details that were listed in the "information I should provide.." link that you sent over.
I am running After Effects with the Creative Suite CS5.0 and the version of After Effects I have is 10.0.2
I also have an external Matrox Max for uploading some content onto my computer.
My desktop is a Windows 7 as previously stated.
12 GB RAM
64-bit operating system
Intel Core i7 CPU Processor x980 @ 3.33GHz
And the QuickTime that i have is 220.127.116.11
Maybe If I can't get a new software update for AE (if my AE is not up to date), I could try installing an older version of QuickTime? Maybe that would solve the issue?
I just tried deleting that folder from "AppData>Roaming>Adobe>After Effects>10.0" rebooted after effects and the computer, and that didn't work.