Went into the options in WMP and restored the defaults. Videos play perfectly now.
I've downloaded the most up-to-date drivers and I've downloaded the various driver pack from afterdawn, specifically FFDSHOW. When I play movies in winamp or WMP the audio and picture play normally but I get a ghosting image that's out of phase. The colors are all off. I dl'ed VLC player and it's a bit better but it stilllooks a little off, a lot of artifacting on the picture. CPU usage is nominal when playing too.
Any ideas on what's causing the bad picture? Also anyway to take a screenshot of the video so I can post an example? Thanks.