Windows Media Player library corrupt, Dolby Audio Driver cannot open

Hi, I purchased my computer (specs below) about two years ago. After an update approximately a week ago I had two problems with my audio:

1) My Dolby Home Theater cannot automatically open. If I try to open Dolby Home Theater or troubleshoot it it will automatically shut down. As soon as I log into my computer I get an error that reads more or less that "Dolby Audio cannot open; please restart or reinstall the driver if the problem persists." Alternatively, if I reinstall my Realtek Driver from what's on the Acer website for my computer, I receive a prompt that PCEE4 needs to be installed, which completely halts the installation process.

2) I think the Dolby issue is probably causing trouble with my media players. Windows Media Player, will give me an error message (error C00D11B1, to be exact) if I try to play music or video. When I troubleshoot, it just says that the media library is corrupted. It will only detect, not apply a fix. I've attempted to un and reinstall via Windows Features to no success. I'm also having issues with Media Center and Quicktime (the former will not play at all, the latter it will play but without audio). Music will play fine on all other applications, including Firefox, Chrome, Windows Movie Maker, and Skype.

I've

1) attempted system restore- earliest I can go back is two days after the update
2) attempted re installation of Realtek- could not finish; states PCEE4 must be installed
3) turned Media Player and Media Center off and on in Windows Features- doesn't work. In fact, if I don't uncheck Media Center too, Media Player will already be checked back on when it should've been unchecked.
4) ran commands to find issues- nothing found
5) attempted to find updates for drivers- nothing found (update is most current)
6) searched for and installed codecs- nothing found
7) scanned for viruses- nothing
8) Device Manager- everything up to date, no problems detected
9) Clean Boot- didn't find source of issue
10) Windows Media Player, under advanced tools, restore media library- did not work

I feel like I've done everything I can do short of an OS reinstallation. I've spend a good portion of my time this entire week trying to fix it. Is there anything else I can do for either? Something I've missed after combing these forums or elsewhere for five or six days? Or is my computer gone? I'm about at my wit's end with this issue.

Specs:

Acer Aspire M5-481T
Windows 7 64bit Home Premium
Intel i3-2377M CPU @ 1.50 GHz

I attempted both and neither worked, unfortunately. But thank you for your help :)

I waited for another monthly update and my problems were not fixed. I'm having the same issues as before. I've also uninstalled Realtek and then redownloaded from the Acer site only to lose the driver and have to do a system restore to gain it back. I've also tried Acer eRecovery.

Additionally, I've downloaded iTunes and Quicktime and I cannot play mp3s on them. Quicktime will play them but no sound will come out. iTunes does not even respond. Windows Media Player still gives out the same error even after I reboot it. Dolby closes out including with a "windows common ddl has stopped working" error or shutting down because "PCEE4 needs to be reinstalled." sfc/scannow will detect things but I cannot fix them even with a reboot. Same with when I try to diagnose with safe mode. Windows detected an issue with Teredo Tunneling Adapter but could not fix it. I wound up just deleting it.

I'm getting super desperate. I have a lot of movies and songs I cannot access. I'm talking about 20 GB's worth. Every time I try something and it fails I just collapse and cry. If anyone can come up with an alternative solution please send me it.