Hi alexbond,
I guess you might have to accept an alternative as I did. I am advanced enough with this sort of thing that I rewrote code for video drivers I wanted to customise but I was NEVER able to get WMP10 even close to installed in Win7.
You have two options that I can see (besides continuing to fight with it
):
Find a direct download of Virtual XP that will install in home premium and run WMP10 through the virtual machine.
I did this with WMP10 accessing files on the host machine's (Win7) drive and it worked ok with my machine.
By then I had gotten used to MediaMonkey though and opted to pay the $20 to get mp3 ripping capabilities in MediaMonkey. Which is my option 2, btw.
Sorry to be the bearer of bad news
All the best getting used to Win7. Try classicshell and hunt around the windowsseven forums for ways to make it less dumb.
Good luck!