Thanks guys.
The video is a DVD rip.
I checked the Saturation, Hue, Contrast, etc and adjusted all to 50%. This changed the look of it but it is still wrong. Now reds look purple and the other colors are still very muted. I right-clicked during play to get the filters used. They are:
-Default Direct Sound Device
-Video Mixing Renderer 9
-ffdshow Audio Decoder
-Nero Video Decoder
-DVD Navigator
When played with Nero Showtime the color looks perfect. I also just noticed that the quality/resolution of the DVD Menu for the video is far poorer in MC12 compared to Nero Showtime.
I'm sure this must be a filter/renderer issue. Any suggestions?