Rikter and I had similar problems, and it turned out that the problem was caused by having loaded one of those codec packs (30-codecs-all-at-once kinda thingie.) I had done his Cure concert LD, and had to go through every few minutes and realign the audio to the video - and I had hardly done any edits to the original video.
I was planning on reinstalling Windows 2000 anyways, and doing so fixed the trick, but the lesson remains - don't load any codecs you don't need.