Error 0E and Windows Media Player 7

A friend has a Compaq Presario 5868 giving us the following:

Everything appears to run properly until we install Windows Media Player, version 7. Then we get the “exception error 0E … in VXD —“. After pressing a key to continue, the PC reboots and recommends safe mode. Media player appears to work properly.

Media player, version 6.4, works without any problems.

Any suggestions on how to proceed? (Besides the obvious — remove Media player 7.)