error 0x800706cc in Windows 8

I am running Widows 8.1 in my computer which was working fine till yesterday. After starting my pc yesterday I noticed that there was a red cross icon next to the audio icon in the task bar and the audio was not working. When I clicked on the volume control then a troubleshooter popped up that started doing a scan and in the end it didnt work either. After searching for a solution on internet I found that its a Windows service issue. So, I went ahead and clicked the Start button but it gave me an error code saying that "Windows could not start the windows audio service on local computer" with an error code 0x800706cc. I am now stumped and dont know what else to do? Any help would be appreciated.

The problem might be happening bacause of system files corruption, so you should try to run System File Checker tool to solve this issue. Just swipe in from the right edge of the screen, and then tap Search. Or, if you are using a mouse, point to the lower-right corner of the screen, and then click Search. Type Command Prompt in the Search box, right-click Command Prompt, and then click Run as administrator. At the command prompt, type the following command, and then press ENTER: sfc /scannow

Source: http://support.microsoft.com/kb/929833

Since this problem has recently started to appear so it will be good to perform a System Restore. You will need to press Windows key + R key on the keyboard together. After that in the run window simply type "rstrui.exe" without the quotes and click ok. Now you have to click on Next in the System Restore window and then select the Restore Point to a date on which this problem was not occuring. Once done, reboot your pc and see if the problem is gone or not.

You can try to go to PC Settings and go to Update and Restore. Here you will be able to check the Advanced Restart options which might be the third option, just click on Restart. It will give you instructions on screen during restart that you need to follow and from there you can click on System Restore. This way it will try to bypass any antivirus blocking your way and you will be able to perform the System Restore quite easily.