Check your
C:\Windows\System32 and
C:\Windows\SysWOW64 folders for the O2CPlayer.OCX file. If it is missing from one or both of those locations you can download a copy from my site
here. This is the newer 64 bit version that is nice and fast, but it doesn't have the ray trace feature if that matters to you. Copy the
O2CPlayer.OCX file to both of the paths above.
Once the file is in place, click Start and type CMD to search for Command Prompt, then right click on the link to launch the Command Prompt and select Run As Administrator. Once the Command Prompt Window opens type in (or copy, and right click in the prompt window and select Paste. Ctrl+V won't work) the first line below and hit enter. Repeat for the second line. You should receive the 2 confirmations that the registration of the files was successful. After that your O2C files should start working I think.
regsvr32 C:\Windows\System32\O2CPlayer.OCX
regsvr32 C:\Windows\SysWOW64\O2CPlayer.OCX