Itunes failed to start because 3ivx.dll was not found

I cannot launch itunes on my computer. When I try to open it a window pops up that reads "Quick Time handler window: itunes.exe - unable to locate component". The message reads: "This application has failed to start because 3ivx.dll was not found. Reinstalling the application may fix this problem."
I have installed the newest version of itunes and quick time but this hasn't worked. Scan on computer shows everything to be fine - no viruses etc.
Just wondering if anybody knows how to fix this?
Thanks

Quick Time is up to date.
... no, I wasn't checking on your QuickTime. 3ivx is a different thing. See:
http://www.3ivx.com/
Is the 3ivx stuff you've got installed on your PC up to date?

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