I had a similar problem a week or so back which said the same.
It wouldnt go in safe mode, bringing up the task manager said it wasnt running but it still wouldnt go.
Then a few attempts later it went just in normal windows
Before you delete that file have you tried it in other players, it may just need some codecs that media player doesnt support ?
Go to properties and then summary and see what the audio and video type it is, it may be Xvid or Divx etc