Windows Media Payer keeps crashing explorer.exe (Even when WMP isn't open)

Processor	DualCore AMD Athlon 64x2 4800+ (o/c 2801mhz STABLE (Ketxxx, POGE, Tatty One, ME))
Motherboard	ASUS A8N-SLI Premium (PCIe x16, x4, x1)
Cooling	PhaseChange Coolermaster CM754/939 (fan/heatsink), Thermalright heatspreaders + fan built on (RAM)
Memory	512mb PC-3200 DDR400 (set DDR-33 for o/c) by Corsair (matched pair, 2x256mb) 200.1/200mhz
Video Card(s)	BFG GeForce 7900 GTX OC 512mb GDDR3 ram (o/c manually to 686 core/865 memory) - PhaseChange cooled
Storage	Dual "Raptor X" 16mb 10krpm/RAID 0 Promise EX8350 x4 PCIe 128mb & Intel IO chip/CENATEK RocketDrive
Display(s)	SONY 19" Trinitron MultiScan 400ps 1600x1200 75hz refresh 32-bit color
Case	Antec Super-LanBoy (aluminum baby-tower w/ lower front & upper rear cooling exhaust fans)
Audio Device(s)	RealTek AC97 onboard mobo stereo sound (Altec Lansing ACS-45 speakers - 10 yrs. still running!)
Power Supply	Antec 500w ATX 2.0 "SmartPower" powersupply
Software	Windows Server 2003 SP #1 fully patched, & massively tuned/tweaked to-the-max (plus latest drivers)

If nobodies' mentioned it yet?

There was an UPDATE for Media Player 11 a few days back, applying it MAY help...