Actually, right after posting this I found a solution to not only one problem, but it killed two birds with one stone.
The problem was a security update conflicting with the QT player. By uninstalling this update, I was able to get QT (and ultimately itunes) working and my boot time which I've been having trouble with lately has normalized. It used to sometimes take 20 minutes; other times it would only take .5 strokes of the bar in the loading screen.
Here's what the guy said about it
the error message you are reporting (the 0x80040707) is now almost exclusively being caused by the incompatibility between the QT Player and Windows Update KB908531 on any x64 version of Windows and at least some of the 32-bit versions of Server 2003. (the broken QT then causes the itunes problems.)
(except, I wasn't reporting 0x80040707...)
But, with uninstalling a security update, comes the added vulnerability. Something about the possibility of remote code execution. That sounds pretty bad, but I'll wait until it happens before I get all freaked out. I'd rather be able to use my computer and be vulnerable than do nothing knowing I'm secure.
I hope someone reads this and it helps someone!