I have gotten the same problem, and have been following the instructions that have been said in this topic, but I too, have not been successful in fixing it.
It will play the Faucet intro, but it freezes after you click or let it finish, and in the least, it will play the 8-bit music of TF2. Just as he described it.
I would really like some help on what I'm supposed to do here. Does this have something to do with the latest update? If so, I have had been using the updater program, as well as been downloading the latest off the downloads list. I'm out of options that I could think of. Any suggestions would be appreciated.