W2003 x64
Slideshow plays OK within the slideshow dialog.
There is MB over pictures when run exported EXE:

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IrfanView Presentation
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Error: Windows can't play this file!

Windows error text: F:\ss\260_Vasea_Oblomov-U.mp3.

You can try to install additional video/audio codecs from this site:

http://www.fourcc.org/indexcod.htm

or try the DirectShow option in 'Properties->Video'
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OK
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