I tried again with the flac file I sent by playing directly via Windows Explorer, which ignores the cue file and plays as one track. It gets to about 20 secs into the file and stops with buffering... message (playing from a local hard drive). With the imported flac/cue file into the library , I can run a manual Library Tools->Analyse Audio on track 2 onwards and play track 2+ without an issue. Running MC v.118.
I was able to load the flac file into Audacity without an error.
It has done the same thing on 2 separate machines. One is a regular desktop Win7 x64 with virus scan, fw, etc and the other is barebones win7 x64 with no virus scan or firewall enabled.