I recently encountered all sorts of issues when setting up MBC and codecs in attempt to be playback all files types including subtitles.
I finally figured it all out and took the time to write this guide which hopefully you find helpful.
The codecs I use are Shark007 codecs and I can confirm works on Windows 7 and Windows 8.1 (both 32 & 64 bit versions).
See attached for guide.
MBC-Shark007-Guide.pdf 289.42KB 166 downloads