iTunes COM Problems
On Windows, the iTunes COM object is a special piece of software that is installed by iTunes. Unfortunately, the iTunes installer sometimes doesn't do this properly. In most cases it helps to simply re-install iTunes and restart the computer.
To re-install iTunes, please download a fresh copy from Apple: http://apple.com/itunes/download/
When two programs in a computer want to communicate, they need some sort of mechanism for that. COM is such a mechanism. Via the iTunes COM object, iTunes allows third party programs (like beaTunes) to manipulate song metadata, playlists, etc. If the COM object is not properly installed, all communication with iTunes fails.