required itunes component is not installed

I installed the latest update and now iTunes is giving me two errors. The first occurs when I open iTunes... "A required iTunes component is not installed. Please repair or reinstall iTunes (-42404)."

I've repaired, reinstalled, uninstalled and reinstalled... etc. Nothing works.

The second problem occurs when I plug in my iPhone... "iTunes cannot read the contents of the iPhone "Mine". Go to the Summary tab in iPhone preferences and click Restore to restore this iPhone to factory settings."

I'm not doing this one. No way.

I'm running Windows 7 64 bit.

Any suggestions?