Problems connecting to the iTunes Store often stem from issues with the Windows firewall or a firewall in a router, a privacy filter (such as McAfee Internet Privacy Service or Norton Internet Security), an antivirus/antispyware utility, or a download accelerator. Start here:
iTunes for Windows: iTunes Store Connection Troubleshooting
iTunes for Windows: Connection Issues when using Internet Filters, Accelerators, or Firewalls
iTunes for Windows could not establish a secure connection to the iTunes Store
iTunes for Windows: Possible iTunes Store Errors
for some basic tips to start isolating the cause of the problem. What you may need to do is temporarily disable any such service and see if that fixes the problem. If so, then if it's a firewall/Internet filter that's causing the problem and you'll need to set the offending service to allow iTunes to connect to the iTunes Store.
Hope this helps.