Ok, I downloaded everything, but I won't get a chance to try it out until tomorrow. Just to double check, this is what I should have downloaded.
BSPlayer version 0.86.499 Installer <install this
Latest debug build (exe only) 200306291153 <under nightly builds (replace the bsplay.exe already inside bsplay directory)
And the previous nightly build came with a dll file (bsrendv.dll at 120kb) that is also going to be replacing a file in the bsplay directory
I'll try it all and post the log file as soon as I can.

I tried it today and no new file had generated within the BSplayer directory. I replaced the exe with the one in the nightly debug build like you told me, double clicked it, and the same thing happened. Bplay runs in the background..and nothing happens.

It plays now...strange.
 

Just recently, I uninstalled my HP printer and scanner. Installed software to my new HP All-in-One fax/scanner/copier/printer. For some reason, I thought I would try out the BSPlayer and now it works. Weird. To boot, I lost my Dirext X version 9. BSPlayer stated that I had version prior to version 7. Weird again since I updated everything after reinstalling Windows 98SE. I installed version 8.1 since I don't have my high speed access for another few days. It works now and I don't know why. I hope this might help a little into what is causing some people this problem. However, to note, I had it work after another number of installations and uninstallations after a previous drive crash.