I have been troubled by this problem for two days already. Right after I upgrade my VGA driver. My laptop started to play only sound but video with any media player. I thought it was driver issue. So I reinstalled the driver, but it did work. Then I tried to reinstall the codec. Again, this approach didn't help.
After two days reinstall media related software and codec. I finally came across the overlay settings in Intel's graphic content. It turned out that all the settings, gama, contrast, saturation, and brightness, are set to 0. After I reset them to defaul, wow la, everything is back to normal.
It seems that after I upgraded my VGA driver, it reset the overlay valus to 0. This resulted in video was not shown but sound worked fine. I am so glad this had been resolved because I almost thought that I need to reinstall my WINXP.
In addition to this, a side effect that I found Intel's VGA driver is not installed properly. The dead blue screen might occur if you try to use extension desktop feature. The way I cleared this problem is to remove the driver in WINXP safe mode then reinstall it. If I reinstall the driver in normal booting mode, the problem would not be fixed.
Now my computer is back to normal. I think I will now have a nice weekend.