I'm not sure, this might be related: I tried opening Winamp since Itunes wasn't working. When I tried to play a track, I got error 88780078 saying that there was a problem with my directsound driver. I hunted around on the internet and found the solution which was to go under preferences and to change from a "primary sound driver" to my actual soundcard and now winamp is working fine. I can't find any similar options on itunes.
I am using Windows XP and ran update yesterday. Perhaps there is new music software I need to do something with? Please help! Thanks.