iTunes unable to access audio CD

Recently noticed that iTunes is suddenly unable to play or import any CDs.
The drive is still working fine as other applications can still play the CDs.
Ran diagnostics and got a red flag telling me that iTunes is unable to access the audio cd.
Diagnostics said this:


Microsoft Windows 7 x64 Home Premium Edition (Build 7600)
Acer Aspire 5542
iTunes 10.2.0.34
QuickTime 7.6.9
FairPlay 1.11.16
Apple Application Support 1.5
iPod Updater Library 10.0d2
CD Driver 2.2.0.1
CD Driver DLL 2.1.1.1
Apple Mobile Device 3.4.0.25
Apple Mobile Device Driver 1.52.0.0
Bonjour 2.0.4.0 (214.3)
Gracenote SDK 1.8.2.457
Gracenote MusicID 1.8.2.89
Gracenote Submit 1.8.2.123
Gracenote DSP 1.8.2.34

iTunes Serial Number 003EA678037F2C08

Current user is an administrator.
The current local date and time is 2011-03-05 22:11:35.
iTunes is not running in safe mode.
WebKit-accelerated compositing is enabled.
HDCP is supported.
Core Media is supported.

Video Display Information

ATI Technologies Inc., AMD M880G with ATI Mobility Radeon HD 4200


** External Plug-ins Information **

No external plug-ins installed.

Genius ID: 47b397159c10feb5a0bc3b0951578626

iPodService 10.2.0.34 (x64) is currently running.
iTunesHelper 10.2.0.34 is currently running.
Apple Mobile Device service 3.3.0.0 is currently running.

** CD/DVD Drive Tests **

LowerFilters: UBHelper (2.0.0.11),
UpperFilters: NTIDrvr (1.0.0.9), GEARAspiWDM (2.2.0.1),

D: Optiarc DVD RW AD-7580S, Rev FX20
Audio CD in drive.

Could not open CD handler, 32. There is a problem with the installation of the drive in Windows or the drive contains a copy-protected CD.
Audio CD reading succeeded.
Get drive speed succeeded.
The drive CDR speeds are: 10 16 20 24.
The drive CDRW speeds are: 10.
The drive DVDR speeds are: 10.
The drive DVDRW speeds are: 10.

Error Correction is turned on for importing audio CDs.



I've tried running as admin, uninstalling etc etc and nothing seems to work!

Any help would be greatly appreciated.