I'm no DTS expert but I can clarify a few things :
DTS-HD 3961 kbps > that's lossless audio (and variable bit rate), like FLAC, True HD etc. An exact copy of the original master, it's common to have this on blu-rays. Requires a DTS-HD decoder (on a PC, it's a bit tricky if you stick to free media players).
DTS 1536 > this is the lossy version of the same track, called the "core" because it has an attached -HD extension that turns it into a lossless track if the player can decode it. Windows Media Player does not (at least by default) support DTS-HD so it will only output this DTS core if you feed it a lossless DTS-HD track.
DTS 750 > that's just a lossy DTS track that never had the -HD extension in the first place (a bit more aggressively compressed than the 1536 one).
Most players (including free ones) have no problem at all with lossy DTS, but DTS-HD requires a decoder and there is currently no free decoder available. There is a open source project but it seems to be going really slow (if it's not frozen altogether...). The only "free" solution for now is to use LAV audio filters with the dtsdecoder.dll from Arcsoft TMT (TotalMediaTheater, a paid product but with a free demo with which you can/could grab the .dll). This product is now discontinued but it's not too hard to find this .dll (I have several backups of it myself if you need it)
LAV filters work with several players including free ones such as Media Player Classic but AFAIK Windows Media Player is not supported.
There are other types of DTS tracks (DTS-ES and other funky names) but AFAIK all of them are lossy and really rare (probably because there is nothing good to say about them
). I wouldn't worry about them, only one I encountered more than once is the DTS 96/24 found on old audio DVDs, it's a complete joke as it's not even lossless and the only thing it does is add things you cannot hear (it extends 48khz to 96khz, that's all...) while making the files bigger (but it still requires something like lav + Arcsoft dll to decode)
Now, you may wonder if DTS-HD does sound better than the DTS core. Well, this is the eternal lossy vs lossless debate. My general advice is : lossless for storage, lossy for playback* (but good lossy please, high bitrate MP3/AAC or such with a reference encoder). DTS is still a proprietary tech so it's hard to say how the -HD extension really works. I have always wondered if it actually adds audible information or just some extra high frequencies and bits that make no difference for a human being. Maybe the open source DTS-HD decoder project could shed some light on this eventually but it's not there yet.
* to be a bit more nuanced, I think lossless has value if you intend to do some processing in the playback chain. Storage space is not an issue of my desktop machine (which has the better DAC/AMP etc) so I go full lossless, but everything on my phone or laptop is lossy (and I ripped it myself with the reference tools)
one last edit : DTS-HD is also called DTS-MA, DTS-HDMA - but it's all the same.