It can be caused by a bad or improperly installed/registered codec, one assigned to mpeg playback in your system.
I don't know exactly how to fix this problem, never had it. Reconfiguring or reinstalling the mpeg codec may help.
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regedit --> HKEY_CLASSES_ROOT\mpegfile, "ShellEx" folder with this key {BB2E617C-0920-11d1-9A0B-00C04FC2D6C1} and with this value {c5a40261-cd64-4ccf-84cb-c394da41d590}.