I think you're out of luck. That looks like an off-brand player. If you can actually track down the website of the manufacturer, you might find a utility to flash the thing. If you REALLY have a lot of time on your hands, you can disassemble it, see what chipset it uses, do lots of research, and you might find a flashing utility. Then, you'll have the problem of where to get firmware. You can also do more hours of research, and find out if the same MP3 player is sold under another name (Likely), and hope they have a website (Not likely).
Or, you could just smack yourself in the forehead and just buy another one.
Just so you know, I won't be able to help you with any of the above, except maybe for the forehead smack