I'm running Windows XP Pro SP2. As the question says, I can't open "Folder Options" from "Control Panel". I can, however, access "Folder Options" from the Tools menu in Windows Explorer.
Nothing happened when I double-clicked "Folder Options" in "Control Panel". Right-click then select "Open" didn't do anything either. No errors, warnings, or alerts at all. I'm using an administrator-equivalent user account with no password set.
I did a full scan with Avast 4.8 and it detected nothing on my PC. Left me wondering what caused this.
Edit - I use bbLean 1.17 as shell, which is apparently the source of the problem. As pointed out by John T.