Try plugging something in the microphone jack. I read about the issue in a cod4 forum. It worked for a friend of mine. The game worked with his headset and mic plugged in, but the next time he went to play it he got the same error as you. He wasn't using his headset. He just plugged an old headset into his mic jack and it loaded fine.
Operating System Windows 7 Home Prem 64 bit
Computer Type Home Built
CPU Type and Speed AMD Athlon II x4 2.9ghz oc3.3
Motherboard Chipset Biostar TA780G
System Memory Type 4 GB Corsair TWINX PC6400 DDR2
Video Card Type and Speed EVGA nVidia GTX 460 1gb
Computer Monitor 19" Dell
Hard Drive Seagate 1 TB SATA
Anti-virus Software Avast
Computer Skill Level Self-Taught Expert