Open WMP
Go into Tools - Options - Rip Music and see if you have a location the music is being ripped to. I didn't when I looked, it was blank.
then go to Organise - Manage Libraries - Music, there should be a music folder location here, if there isn't press "add" and add the music folder.
Now do the same for the other 3 libraries, Videos, Pictures and Recorded tv, all should have locations, delete the ones without a location.
try to rip again.
hopefully like me you will be off and running again.