I'll assume you read the following statements from the readme file:
"This dedicated software enables the playback of compressed IC Recorder voice files (.DVF and .MSV) with the Windows™ Media Player application, version 6.4 or higher."
"NOTE: This utility is only for use with the products identified above and sold in the United States, Latin America, or Canada. Not all models are sold in all countries."
IF your recorder falls into the categories described above, then as the next step, please update your DirectX drivers.
www.windowsupdate.com
Check your DirectX version by going to Start -> Run -> type "dxdiag"
When the utility opens, you will see lots of information. Among that info, should be something saying "DirectX version". You need to have at least DirectX 9.0c.