Unsupported tag format such as APEv1, APEv2, etc., that MPC doesn't recognise.
If it's a VBR encoded file that doesn't have a header such as Xing, etc that can possible cause problems.
It's just plain corrupt and their isn't anything that can be done.
Here's what you can try (no gaurantee's it will fix the mp3):
First copy the mp3 (Copy+Paste) so that you aren't working on the original and possibly mess it up even more.
Download Tag Frontend w/Tag. Once installed click on the Tag (tab) and select: Remove All Tags
If Tag Frontend w/Tag didn't fix it try this: Download VBRFix and have it rebuild any info that may be missing, e.g.; missing Xing header in a VBR mp3.
If Tag Frontend w/Tag and VBRFix didn't work try this: Download mpTrim and then open the file in mpTrim and click Save. mpTrim can remove some redundant crap in mp3's that shouldn't be there such as pictures or tacked on audio that some record companies place at the end of an mp3 such as this track was downloaded from www.somerecordcompany.com.
If none of the above methods work I don't know what to tell you other than find that mp3 elsewhere, or buy it from some online music store, I'm out of ideals.
go to View > Options > Internal Filters > and select MPEG Audio in both columns(and everything else should be selected too . if that doesn't work, you can try searching google for the GUID(which is "E436EB83-524F-11CE-9F53-0020AF0BA770".)