I had this issue, and do you happen to have a netgear router per chance?
Could try the following.
Reset your router.
Download the punkbuster removal + renable tool (not pbupdate, its called something else maybe pbsvc (i think) - its on the site somewhere) and enable it to "run as administrator".
Disable Firewall and give cod a try to see if it works then.
Also make sure you have opened up the ports for pbstrA + B executables to work in the exceptions list. Furthermore manually add port UDP 28962 to the exception list (another punkbuster port).
It could also be advisable to just wait a couple of days, as this issue tends to fix itself when lots of people complain about it to punkbuster.