Try to ending the process, this should end all spikes. Try using Vlc Media Player.
Alternatively, set wmp to not index all media files. To do this follow the information below.
Open Media Player > Click Organize > Select Options
Under the Library tab, Uncheck Retrieve additional information from the internet
Close Media Player and reopen to see of the process is any faster.
The real way is go into Media Player. From the menu -> File -> Manage libraries -> select each library (music, video, pictures, recorded tv [if you have]) and check the paths that it is managing and make sure it is not too close to the root of the C: drive. For example, it should be something like c:\users\Jim\Music and c:\users\Public\Music BUT NOT c:\users as they will cause the whole directory tree to be re-indexed over and over (when you surf the web or change any files in your profile).
If you have multiple users who login to the computer, you may need to repeat the process for each user if all users have added managed foldTers which are actively changing on a regular basis.
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