I FOUND A POSSIBLE FIX!!
I had this same warning message and could not burn CDs in iTunes (and no, it wasn't my driver's hardware as my computer is 3 months old and everything is up-to-date).
See:
http://discussions.apple.com/thread.jspa?threadID=1793281&tstart=0
(1) Basically, search on your c:\drive for a hidden folder called "x86".
(2) Save it to your desktop
(3) Open folder x86, and find a file called GEARAspdiWDM Setup Information (.ini file).
(4) Right-click and select "Install".
(5) Reboot your computer, and this fixed my iTunes!! Yippee!!!
Thanks to Denali_uk, a fix (for some, if not all) of these problems has been located! Hopefully this may work for you.