I've pretty much tried pushing every button combination I can think of. I haven't cracked the case yet. I've opened a case with the seller and ebay/paypal. I want to wait to see if I can get my $ back. If I have to keep it, I'll peek and poke and blow up the house, and write off the $. I was just hoping there was something simple I could do to reset the darned thing. Thanks for responding.

Well, actually is up to you.
I wouldn't give up so early.
The problem with your player is most obviously a messed up partition - that's why the player cannot read files to generate the database and hangs.
The obvious solution is to format it somehow. Are you sure it is not recongnized?
Try following the procedure once again. There's a good chance the CheckFlash utility will see it in low level mode.
Try inserting a flash card into the slot. Perhaps the player will start and mount in windows.

The next obvious step is to reflash it. This is done by turning the player into recovery mode. Search for a combination. often it is hold power &volume down buttons, and then insert the cable.
For rockchip, it is often turn off power, hold the M button (or joystick up) and then plug in usb until RockchipUSBdevice is recognized.

The most effecient way is to shortcut I\0-0 I\0-1 flash outputs.
After that you can reflash it by utilities from the download sections.

I don't give any links on purpose. All could be found here on the site. Including the full flash firmware. Search for them! Many people took effort to contribute to the site, and you don't even want to search!
Your case is even not a brick one. The device obviously boots.
You lost your time and now you're to lazy to continue? Seriously, that's ridiculous. If this was in Snowierasha, the player would format YOU!!11

Thanks for your reply, but I really don't appreciate your snarky comments. I am a retired IT pro (DBA) and am a firm believer in the RTFM mind set. I have spent the better part of 2 days (on and off) searching this forum and I do appreciate the time and effort of the experts who have posted here. I have tried pretty much any solution which appeared to fit the problem. I only posted because I could not find anything specific regarding 'generating database' and no other solution seemed to work. I am not an engineer and am not comfortable cracking electronics. I would like to keep and fix this product, but it is getting to the point where it is no longer worth my time. I will try your latest suggestions. If they work, I will reply with my thanks. I they don't, you will no longer be bothered by me.

Removing the memory hack is quite easy.
I followed Random667 and Skinski solutions (thank you guys) with some slight changes.
So that's what you've got to do:
1) Use Check Flash 1.10
2) selected the drive, selected as a “physical device”, Selected “low level initialization”. Hit Start.
3) In the new window, you should see 4 empty partitons! Select the 0 (zero) one.
4) Click new, and create a FAT32 partition of 3.84GB
5) After finishing with CheckFlash, format the drive in Windows (I use XP)

Viola!

I've done all that and it still shows as 32gb :-( I don't know if I'm doing the right thing when the program tells me to "replug device"?

Anyone had similar issues?