It appears that your version of FLV Source filter bungled at stream selection support.
My suggestion is to un-register the FLV filter installed by K-Lite codec pack, and let MC download a more stable version automatically.
Read
the section titled "How do I install DirectShow filters?" in the wiki article on DirectShow to learn how to register and un-register a filter. Un-registration is described in Note 1. If your OS is Vista or W7, pay attention to Note 2. The filter file in question is "c:\program files (x86)\k-lite codec pack\filters\flvsplitter.ax" in your case.
Alternatives to the above approach:
Alternative 1: Uninstall K-Lite, and reinstall it without FLV filters if its installation allows you to select which filters to install.
Alternative 2: Uninstall K-Lite, and install CCCP. CCCP allows you to choose not to install FLV support. The last time I checked, however, CCCP's FLV support is quite stable, so you can use it if you want to.