have a look here and click the windows media player icon ,maybe you get lucky, Microsoft Fix it Solution Center: troubleshooting software issues
i have several hundred Gb of music and gave up on wmp some time ago
( for the same problems as you have),
i now use winamp, i managed to get it looking good,
ive stopped using media players to show my library, i browse in explorer for an album and select "play all" it seems to work well, no updating and monitoring folders seems to keep the player running well.
i have been playing with the playlists feature in winamp and thats a good way to play multiple folders based on different criteria ie genre, star rating , dates played last etc. quite a nice feature.
there are a handfule of decent plugins for winamp, the best being it can continue from where the player closed.ideal for a massive playlist
sorry i dont have a fix for wmp, i used to really like the album view, but i have gotten used to winamp, it has a lot more features than appears on the surface.
i like the ability to select the album playing list and send it to the auto tag, from that you can use mp3tag and selecting the tracks then click tag to filename, which renames the files in explorer, a godsend if you have many albums to rename ....as you mentioned.
give it a try if only to sort out your renaming media monkey messed with
good luck with the fixits.