haseebanjum, you could try formatting your player. But i doubt it would solve the problem of the earphone jacks.
Or maybe your could try re-flashing with a new firmware, but it's better to extract your current player's firmware, repair it and re-flash it back.
There's a guide on extracting:
http://www.mympxplayer.org/viewtopic.php?t=66
And a guide on re-flashing:
http://www.mympxplayer.org/viewtopic.php?t=46
You could use other's firmware files from the download section, but you might end up killing your player if you flash with an incompatible firmware, it won't even function as a usb drive. And you might end up going through the process of the dead player recovery.
Indeed something might have short-circuited inside, and if you were to try to repair it, without proper equipment to test components inside for resistance, inductance & capacitance, you have a very low chance of detecting the damaged components. Also, you might have problems purchasing certain components as some of these components might be custom-made by the manufacturer for the player.
Good luck.