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Disabling hardware acceleration did it for me. But this seems to be just a workaround, after all, it had worked previously. So what is the...
... and to add more information about this problem, I have tried the possible solutions a Google search for "windows media player black white"...
I am having the exact same problem, Parallels 4.0 Build 3810, Windows XP Professional (virtual HD installation), Mac OS X Tiger, MacBook Late...