iTunes freezes and shows a message saying that a crucial component is missing (42404)

iTunes freezes and shows a message saying that a crucial component is missing (42404) and to repair or reinstall itunes. I have repaired and reinstalled it a few times and it still freezes and shows the error message. I cannot even close iTunes through the task manager - it freezes up the entire computer. The iTunes screen is always in the "accessing iTunes Store" mode and will not let me select a different option.

Any ideas on how to fix this?