QuickTime Failed to Initialize. Error 0 when Streaming

Whenever, I try to stream something, I get an error message about Quicktime. I uninstalled QuickTime completely and all the related stuff and reinstalled it back again. But the error does not seem to go.
When I click on OK, another similar message pop’s up. I have tried rebooting the machine and that does not make any difference.
I don’t know what else to do, experts please help.
QuickTime Unavailable
QuickTime failed to initialize. Error # 0.
Please make sure QuickTime is properly installed on this computer.
OK
