Hey Guys, This problem lived with me for the past 1 year I guess..Since I found an alternate way to access Documents,Musics,Pictures and Videos,I ignored to fix this issue all this time.
As an alternate way,you can access them by :-
My Computer >Local Disk (C:) >Users > User-----Here you can see all your Documents,Musics,Pictures and Videos.
Windows 7 got us a direct library option to avoid so many clicks,Since me too was tired of all these clicks I decided to get this "LIBRARY" fixed.This is how I got them working.
1)Control Panel > Programs > Default Programs > Associate a file type or protocol with a program.
Just after clicking it wait for 10-20 seconds.And see your problems got SOLVED !!
Step 2 : is for people getting this type of error.