Now that's rather interesting.
The fact that a newer drive didn't have the same problems suggests, to me, that the WMP update deleted something in the registry which linked to my two drives so that it no longer recognized them as legitimate drives (or maybe, as suggested, found the virtual
drive and decided something untoward was happening so the copy protection kicked in.
Personally I have given up on WMP all together. VLC is far better and free.
Microsoft isn't gaining any fans here when a simple update (and often done automatically via windows update) causes such problems.
A failing drive isn't my problem as they both work fine with several other programs so it must be the WMP update as one day it was fine, got the update, no longer working and no other adjustments etc made.
Of course, as usual, switching to an earlier version won't undo the changes made.
No wonder Microsoft is getting such a bad press. I've already had various problems with IE upgrades and other programs not being compatible with them (I've stuck to IE6 and I'm not moving - especially as I now use Firefox which I find far better).
Come on Microsoft, get it together.