All the solutions above, incl. copying the DLL, are nonsense.
I am using iTunes 11.1.3 with Windows 8.1 x64 and it works fine, even with a huge library (> 500 GB). I also have QuickTime installed. AFAIK, in the past iTunes came with QuickTime. Wouldn't be surprised if iTunes is using QT components for playback of AAC, MP3, Audible files etc.
I also had to authorize my PC again, but that was more related to the fact that the Windows 8.1 upgrade made to reconsider/redo the hack I made to move my User profiles away from the C drive to the D drive (C drive is a SSD). In order to undo this before upgrading I only managed to partially copy my old profile incl. iTunes library back to the C drive.