Mylenium's error code database indicates it could perhaps be a corrupt plug-in (WMImport.aex), a hardware conflict, or perhaps some other issue.
This may be a silly question, but have you updated/installed Windows Media player (guessing that's what that plugin is for)?
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As Steve said, re-installing Windows Media Player seems a good idea. Manually initiate a Windows Update and check, if you are offered to upgrade to WMP 11 or if it's already on your system. if it is, then you may need to download the Windows Media Redistributable package and install it manually. The plug-in may be looking for an old DLL or registry key that is no longer used by WMP 11, but usually would be on your system when you ran the updates from an earlier state. Also consider installing an alternate Media Player like VLC. This may also fix the misconfiguration of the Windows Media components.
Thank you both very much! Reinstalling WMP 11 seems to have fixed it! Now AE loads without a hitch.
Thank you very much!