Good News!!!
I did a bit more investigating and found that all my Video Players (winamp, Media Player, etc) were having the same issue of freezing.
So, obviously not a BSPlayer issue. Jumped on the nVidia site
http://www.nvidia.com and sure enough they've already released another driver update 56.72. I'm not sure if you're video card is an NVidia series but since you're experiencing the same problems I am I'm making that assumption.
Installed the new drivers and reinstalled BSPlayer to be sure and everything is working perfectly again.
Looks like driver version 56.64 was buggy.
You may not need the WDM drivers but here are the steps to follow if you're unsure. Make sure you uninstall your exisiting drivers.
Steps
1. Uninstalled exisiting WDM (2.18) and nVidia VGA Drivers (56.64).
2. Restart
3. Installed nVidia 56.72 drivers
4. Restart
5. Installed WDM 2.18 drivers
6. Restart
7. Installed BSPlayer
8. Enjoyed full length video :)