I'm pretty sure it's related. in d_WMDM.dll, WMDM stands for Windows Media Device Manager. And one of the purpose of the service WcesCom is to handle Media connectivity.
I had the same problem with different version of MM... (3 or 4, whatever). I finally end up with the solution after lot's of hours of hard work... The problem, (for me) was solved with the correct setting of the WcesComm service (used for Windows Mobile 2003 connectivity). I recently disabled this ...