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.
This worked for me. No more error mags and all is working again.