Hi I did a little digging and came up with something that got it fixed. Here goes:
1. Temporarily shut down my anti virus software..
2. Open the control panel and go to the add/delete programs going to the uninstall section.
3. Remove all Apple products in the following order:
ITunes, QuickTime, Apple Software Update, Apple Mobile Device Support, Bonjour, & Apple Application Support.
You do not need to remove safari.
4. Restart the computer.
5. Go to Apple.com and download latest version of oTunes.
6. Re-install.
This worked for me. No more error mags and all is working again.