Anyway, as there seems to be many people asking this on the internet but almost no answers, I'm posting one answer I did manage to find in case it helps others.
I believe the actual error "4880" is specific to burning with iTunes, but that the problem is with the system disk controllers. Burning in other applications will produce different errors, but the cause is the same. Here is the quote, the actual post is at:
http://discussions.apple.com/thread.jsp ... dID=385782
This is how I managed to fix the problem...and I hope this helps others in the similar situation.
I tried with another program..latest version of Nero, and this was also stopping at the 'initialising' stage. I was now lost! I thought the last resort is to give Evesham (My PC manufacturer) a buzz. They were very helpfull. Basically go into 'Control Panel', 'System', and click on the Hardware tab, then 'Device Manager'. Uninstall everything in the DVD/CDRom Drives. Then uninstall everything under the catagory IDE ATA/Atapi disk controllers. This is where my problem was, as I only had one IDE channel here. You should have 4 or 5! Reboot your machine, and everything will automatically re-load. I tried burning using Nero and it worked. Then the big test was iTunes. It worked 1st time!
I asked why the IDE channels have disappeared, and he said sometimes uninstalling programs occasionally removes them.
Gale