“The registry settings used by the iTunes drivers for importing and burning CDs and DVDs are missing.”

I came across this problem the other day when opening iTunes: “The registry settings used by the iTunes drivers for importing and burning CDs and DVDs are missing. This can happen as a result of installing other CD burning software. Please reinstall iTunes”

Here are steps to resolve the problem:

Step 1
First try downloading and installing the Gear Software drivers, which are the drivers used by iTunes to burn CDs and DVDs.  They can be found here http://www.gearsoftware.com/support/drivers.php

This solutions works sometimes.  If downloading and installing the drivers fixes the problem, then you are done.  If not, try the next step.

Step 2
You will need to change a registry value.  Only make changes to the registry if you know what you are doing.
Click on Start, then Run, then type in: regedit

This brings up the Registry Editor.  Hit the + signs to navigate to the following key:
HKEY_LOCAL_MACHINE
SYSTEM
CurrentControlSet
Control
Class
{4D36E965-E325-11CE-BFC1-08002BE10318}
Create a new “Multi String Value” within this key (very important to select Multi String Value).
Name it UpperFilters, and then double click it to add the following text to the box: GEARAspiWDM 
Hit the Enter/Return key after entering the text (called a carriage return) to leave a blank line below the text you just entered.

Close the Registry Editor, then close iTunes.  Open it back up and your problem should go away.

New Problem
The above steps fixed the error message I was getting about iTunes not having the drivers to import and burn CDs and DVDs.  However I soon discovered that a new problem had been created.  I was no longer able to burn a CD/DVD at all from my computer (with or without iTunes).  I kept getting a message that my CD drive could not be located, or that I needed to insert a CD (even though one was already in the drive).  It turns out this was due to third party media player software.  To correct the problem, I did the following:

Go to C:
WINDOWS
System32
Drivers
Look for the file afs.sys.  Rename it to afs.txt.  
Reboot your computer. 

You should now be able to burn CDs/DVDs.