ipod classic error 1437 on restore

My ipod classic has worked fine for several years. But since I installed the latest itunes update, it will not sync. When I connect via USB, itunes will see the device, but then puts up an error saying the device isn't recognized. If I try a restore, I get error 1437. Is this a problem with the latest itunes update? or a hardware problem? I am using Windows 7. Once I have this error, I can eject the ipod drive, and from that point on, every time I plug in the ipod with usb, my computer just acts like it is a flash drive and puts up a window asking if I want to open windows explorer. Itunes from that point on doesn't even react. If I reboot my computer, I can go through the same sequence again, but itunes simply won't sync or recognize my ipod.