I turned WMP on from "Programs and Features". Mgalaxy started working.
And just to be sure I turned WMP off again. Mgalaxy crashed.

Interesting feature...

Yes. I get:

  Problem Event Name: CLR20r3
  Problem Signature 01: mgalaxy.exe
  Problem Signature 02: 4.1.0.0
  Problem Signature 03: 51558c6d
  Problem Signature 04: mscorlib

I've read the thread you indicated. I'm not sure I understand, is it because I don't have Windows Media Player?

mgalaxy crashes on startup. Im on W7 x64 and have .net 4.0 installed.
Any ideas?