It looks like this device was transferred from a different computer to the present one. Therefore, the drive letter might have been different. Change the drive letter to, say "P" (for player).
Get into Control Panel ---> Administrative Tools ---> Computer Management
Look for your device and change the drive letter to "P"
Read more about doing this (Win XP) at: http://support.microsoft.com/kb/307844
The procedure is very similar for Win 7
After doing this, specify drive letter "P" for programs that seek this device.