ya i had that problem and solved. dont know whether this will work in your case or not, try these:
1: from tools>optiones>performance, off the hardware acceleration and uncheck overlay button
2: sometimes intel graphics card's old driver create problem so upgrade your graphics card driver
3:download ffdshow and try it. i dont have the link now so give it a google search
4: if all of this fails try to uninstall wmp9 by following way and go back to wmp8. remember that i never tried this myself!
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let me know if that helps!
You can remove Windows media 9 by doing the following in XP or ME
Go to Start Run Type in
RunDll32 advpack.dll,LaunchINFSection C:\Windows\INF\wmp.inf,Uninstall
Then click Ok
Now go back to Start | Run
To re-install WMP8
Copy or type
rundll32.exe setupapi,InstallHinfSection InstallWMP64 132 c:\windows\inf\mplayer2.inf
(Point it to the Windows XP CD)
rundll32.exe setupapi,InstallHinfSection InstallWMP7 132 c:\windows\inf\wmp.inf
(Point it to the Windows XP CD)
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see if these helps