No fear.

Go to www.empeg.com. Look for the support section. Downloads. Download the Mk2 disk builder image. Download the latest version of the player firmware (V2).

Also download the latest (V2) emplode software.

Remove any older versions of emplode from your PC. Install the new version.

Connect the player to your PC with the female - female serial 9 pin cable. Start the Upgrader utility (not emplode) that was installed at the same time as emplode. You can find this under the same menu as emplode from the Start button. Point it at the Disk builder firmware image you downloaded, and flash the player with this. Allow the format to complete (if you have two disks, you are in for some fun and will have to follow the FAQ. It is not difficult, just time consuming). When the format is complete, kill the upgrader and start it again. Point it at the V2 firmware image, and flash the player with that.

That should get the player into good order: you then need to connect over USB to set up the "new" player and then start downloading.