ITunes cant open-unknown error (-50) HELP

My Itunes8 was working just fine and then all of a sudden i kept getting "The itunes applications could not be opened. An unknown error occured (-50)." i tried repairing the program, uninstalling it and then reinstalling it but i keep getting the same thing. if someone knows the solution to this please i need your help. i have no clue what this means and ive been searching the internet for days to find a solution. i need my itunes or else my ipod is useless i tell you useless.

What happens if you try to start Quicktime? iTunes cannot work if QUicktime doesn't.
If QUicktime does not launch go to your control panel and try to start QUicktime preferences. Give the text of any error message in full.
Have installed any of the following:
ACE & K-Lite mega codecs package, QT alternative, Storm codec, WinAVI video converter
They are bad news for Quicktime.
If you Quicktime works normally, work through the following troubleshooting article for iTunes.
XP
http://support.apple.com/kb/TS1421
Vista version
http://support.apple.com/kb/TS1717

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