I have a XP computer where when ever I try to open Control Panel nothing happens, nothing flashes on the screen.

Same thing with Internet Explorer.

I've scanned the computer with Malwarebytes and Avast, Malwaresbytes found some Adware which it removed without problems. Avast found nothing.

I looked at the running processes with Process Explorer, nothing malicious running.

And looked at a Process Monitor output when I tried to run IE, nothing obviously wrong. The process just decides to exit.

What can I try next? I would suspect corrupt IE install but Control Panel doesn't work either.

UPDATE:
Nether work in Safe Mode under the user account. (only 1 user on the computer)
But in Safe Mode, under the built in Administrator account, they work.

So what ever is broken, is only broken in the one account. Anything under the HKCU registry key that could break this?