This has been mentioned before here.
All you need to do is to install the latest DirectX Redist. Microsoft does not bundle the updated D3DX9 dlls with any versions of Windows. MPC-HC uses d3dx9_41.dll or later for faster shader operations since Microsoft has optimised the shader compilers.
here are the download links for binkw32.dll:
After downloading, just place the .dll file to the system folder C:\WINDOWS\system32Answered Aug, 23 2010
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