Video will not start in iTunes 11, CPU goes high

After upgrading to iTunes 11, videos will not start, and the CPU goes to almost 100% on one of the two cores in my CPU whenever I try. iTunes becomes unresponsive and I have to kill it via the task manager. I've tried both podcast videos and other types of videos (including movies) with the same result. Everything else seems to work just fine (e.g., sync, buying music, etc.) This is running under Windows XP SP3. Prior to the upgrade, I had no issues with video.

I've tried several things that I found in various support article including doing "net winsock reset" as per https://discussions.apple.com/thread/3289277?start=45&tstart=0) which seemed to be a longshot and I've even completely removed and reinstalled iTunes and the associated components as per http://support.apple.com/kb/HT1925 to no effect. I am assuming that something external to iTunes is interfering, but I've got no idea what else this could be.

Any suggestions?