Sorry about the late response...
I assume you have a mac? I've seen this happen on other macs and there's really nothing to do that's very reliable, other than reinstalling the OS from the set-up disks (takes about an hour). Some people have seen some success by disabling/uninstalling the quicktime plugin, but that of course disables flash and any apple content.
You can try clearing all your caches, it's a general fix that does work sometimes:
Whenever anything goes wrong, the first thing you should do is clear your caches and delete all your cookies:
Clear all cookies and browser cache (in Firefox) by selecting the clear recent history function. Be sure all applicable entries are checked (under the details tab), and be sure to select "everything" at the top. Then clear your divx download cache (right-click in player window, select preferences, download cache, and clear it). Restart your browser.
Please interpret the instructions for your browser (if it's not firefox). In chrome it's called clearing "all saved data." Try hitting [ctl,shift,del] then clearing EVERYTHING. The instructions for the divx webplayer are the same.
My best advice, assuming clearing the caches doesn't help, is to use the vlc player to stream to your desktop. There's a tutorial here.
About the wait time. The longer countdown means you are not logged into your MU acct. It's best, especially when you need to clear your caches/cookies, to keep a tab to MU open all the time on which you are logged in.