All, found the cause of this problem at last.
I rolled back the Access Version to a previous one and the problem was still there, so not an issue with Access - reverted to the latest version.
I had also done an optional update for an Intel Display driver. Did not see how that could affect WMP in Access, since WMP was working perfectly on its own.
Nonetheless, I rolled back the Intel Display driver to a previous version and lo and behold, the problem has gone away.
The offending Optional Update was :
Intel Corporation - Display - 31.0.101.3302
The current Driver is now 32.0.101.6129, which is obviously a much later version that the one in the optional update.
Not sure why Windows Updates would be offering an Optional Driver update that is much older than the one currently installed.
I suppose the moral of this story is do not install optional updates unless you know exactly what you are doing!