When you double-click a program shortcut, type its' full path into the Run box, or double-click the .exe file in Windows Explorer, the program does NOT run.
The program will run if you open an associated file, like .txt or .doc.
This problem is caused by invalid value data at HKEY_CLASSES_ROOT/Exefile/Shell/Open/Command.
The easiest way to solve the problem is to copy/paste the following lines into a exefile.reg and double-click it:
REGEDIT4 \[HKEY_CLASSES_ROOT\exefile\shell\open\command\] @="\"%1\" %*"