Does same occur if audio CD is put into a normal CD player?
If no one else has any recommendations, tryout
WinAmp to see if problem is WMP based error, or elsewhere. You can use WinAmp to try to listen to the Cd, as well as trying to burn a fresh copy. (Speed limited unless you purchase/unlock Pro version, but at least you'd know what was & wasn't the cause of the problem, hopefully)
Do normal Audio CDs from shop work ok in PC's drive?
If not, you may need to either connect an audio cable ebtween drive and your sound card, or alternatively, got device manager, check properties of the drive, and see if Digital Audio can be enabled. This uses the IDE interface to trasnfer the audio signal, I believe, so no sepearate audio cable is required.