On Windows 7, since few days icons of files and shortcuts are showing up as generic Windows icons. Mainly Office 2007 files, 'Office' shortcuts, Skype shortcuts and few more. I was able to fix issue with the shortcuts of all but 'Office' by using the Change icon option. As a part of fixing this, I also understood that corresponding registry entry of icons were corrupt, so I had to locate the program file manually for these applications. Only for Office 2007 I am not able to fix this as the change icon option is disabled. (I am an Administrator for my computer).
I have tried rebuilding the icon cache more than once and it doesn't help. I logged in as another user in this machine and the problem persists for that user too. So creating a new profile does not solve the problem.