Well, here is another way of showing how to return your player to its original state. You need to do #2 before #1, the reboot process finishes. It may take a couple of tries.
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Format Device from the Zune software - Go to Settings > Device > Sync Options > Then click the "erase all content" button.
To perform the following, 1) reboot your device, and then when the screen goes black, 2) hold the corresponding buttons until the process begins. (“OK” refers to pressing the center of the D-Pad/Z-Pad.)
Reboot: Press and hold the Back button (<-) + Up on the directional pad
Clear Content (Format from Device) – Clears all media content from the device, but leaves the firmware intact.
V1 Devices (Zune 30): Press and hold Back + Right + OK
V2 Devices (Zune 4/8 and 80): Press and hold Back + Play/Pause
Initialize Disk – Removes the content and the firmware. Device will be inoperable until connected to a PC so new firmware can be installed.
V1 Devices (Zune 30): Press and hold Back + Left + OK
V2 Devices (Zune 4/8 and 80): Press and hold Back + OK + Play/Pause
Info courtesy Matt Akers