Windows 7: Windows Media Player 12 "Server Execution Failed" problem

I found the solution here: http://social.answers.microsoft.com/Forums/en-US/w7music/thread/ecc08c3b-d445-48c2-b07d-9df48500434f

The solution that worked for me:

Unpin media player from taskbar.

Pin it back.

lol, yes, that literally solved the problem for me.