Movie Maker (any version) AppCrash when importing audio or video

If you try to use Movie Maker Live (MovieMaker.exe) or older 2.6 Movie Maker (MovieMK.exe) to import MP3 or videos, it may crash with a bang. I will spare you the details (the Data Execution Prevention - DEP etc.), but tell what worked for me.

Nokia Ovi Suite installed a set of nasty incompatible Emuzed codecs:

which kept crashing the system. Remove them with SysIntervals Autoruns tool (search for "Emuzed" and "Nokia" everywhere and delete the branches).
It should start to work again upon a reboot.