When you insert a DVD media in the drive, right-click on the drive and choose Play from the context menu, the following error may occur.
Windows cannot access the specified device, path, or file. You may not have the appropriate permissions to access the item.


However, you may be able to play DVD movies via the AutoPlay dialog or start Windows Media Player and use the Play menu. This happens if the DVD/Play association setting is missing or incorrect or is of an incorrect value type. The DVD Play verb is stored in this registry key:
HKEY_CLASSES_ROOT\DVD\shell\play\command

The value data for the (default) value in the above key is as follows:
Windows 7 64-bit:
"%ProgramFiles(x86)%\Windows Media Player\wmplayer.exe" /prefetch:4 /device:DVD "%L"
Windows 7 32-bit:
"%ProgramFiles%\Windows Media Player\wmplayer.exe" /prefetch:4 /device:DVD "%L"
How does this problem occur?
When the above key is missing or its (default) value data is incorrect, the following error occurs when accessing Play from the DVD drive context menu:
This file does not have a program associated with it for performing this action. Please install a program or, if one is already installed, create an association in the Default Programs control panel.
The user might then try to reset Windows Media Player as the default via Default Programs → Set program access and computer defaults.

When resetting the values using Set program access and computer defaults, it resets the correct data (unexpanded path/environment variable), but the value type is set incorrectly as REG_SZ, whereas it should be REG_EXPAND_SZ. As a result, the following error occurs:
Windows cannot access the specified device, path, or file. You may not have the appropriate permissions to access the item.
Registry Fix
Download w7-dvd-play.zip, unzip, and run the corresponding REG file for your Windows 7 Edition (32-bit or 64-bit.)
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That was helpful. Thank you
I had similar symptoms, but the registry value for my Win7 (64) was already the same as you specified above. Any suggestions?