C00D11C7 on a ASF file under a less priviledged user account

Hello,
Wanted to look at some ASF high quality videos from PDC09.
I run XP SP3 fr with WMP 11.
Files use VC-1 AP and WMA 9 PRO, for GSpot, or 10 PRO CBR, for the ASF
metadata; one example file is here
http://ecn.channel9.msdn.com/o9/pdc09/wmvhigh/FT34.wmv
These files play when using a privileged (Local Administrators member)
account.
They play under GSpot in the preview panel running as a less privileged user.
But they don't play in WMP 11 in the same account on the same machine.
I searched this user registry hive for abnormal things (by comparing to the
"all user" profile hive) and found nothing.

Does someone have a clue over what’s happening?

-Sebastien Mouren