calc.exe fails to load in Windows 7 64-bit

Question

I'm not sure whether this started after I upgraded from Windows Vista to Windows 7, or if it was happening beforehand, but either way, when I try to run calc.exe it fails to load without showing any error.

I fired up WinDbg and loaded it that way and got the following output:

CommandLine: C:\Windows\System32\calc.exe  
Symbol search path is: SRV*c:\symbols*http://msdl.microsoft.com/download/symbols  
Executable search path is:  
ModLoad: 00bc0000 00c80000   calc.exe  
ModLoad: 76f90000 77110000   ntdll.dll  
ModLoad: 74e80000 74f80000   C:\Windows\syswow64\kernel32.dll  
ModLoad: 763a0000 763e6000   C:\Windows\syswow64\KERNELBASE.dll  
ModLoad: 75460000 760a9000   C:\Windows\syswow64\SHELL32.dll  
ModLoad: 763f0000 7649c000   C:\Windows\syswow64\msvcrt.dll  
ModLoad: 750a0000 750f7000   C:\Windows\syswow64\SHLWAPI.dll  
ModLoad: 74f80000 75010000   C:\Windows\syswow64\GDI32.dll  
ModLoad: 769a0000 76aa0000   C:\Windows\syswow64\USER32.dll  
ModLoad: 76af0000 76b90000   C:\Windows\syswow64\ADVAPI32.dll  
ModLoad: 76260000 76279000   C:\Windows\SysWOW64\sechost.dll  
ModLoad: 76700000 767f0000   C:\Windows\syswow64\RPCRT4.dll  
ModLoad: 74b00000 74b60000   C:\Windows\syswow64\SspiCli.dll  
ModLoad: 74af0000 74afc000   C:\Windows\syswow64\CRYPTBASE.dll  
ModLoad: 75090000 7509a000   C:\Windows\syswow64\LPK.dll  
ModLoad: 764a0000 7653d000   C:\Windows\syswow64\USP10.dll  
ModLoad: 71410000 715a0000   C:\Windows\WinSxS\x86_microsoft.windows.gdiplus_6595b64144ccf1df_1.1.7600.16385_none_72fc7cbf861225ca\gdiplus.dll  
ModLoad: 75100000 7525c000   C:\Windows\syswow64\ole32.dll  
ModLoad: 760d0000 7615f000   C:\Windows\syswow64\OLEAUT32.dll  
ModLoad: 72410000 72490000   C:\Windows\SysWOW64\UxTheme.dll  
ModLoad: 72750000 728ee000   C:\Windows\WinSxS\x86_microsoft.windows.common-controls_6595b64144ccf1df_6.0.7600.16385_none_421189da2b7fabfc\COMCTL32.dll  
ModLoad: 72930000 72962000   C:\Windows\SysWOW64\WINMM.dll  
ModLoad: 724b0000 724b9000   C:\Windows\SysWOW64\VERSION.dll  
<b>(1dc0.18dc): Break instruction exception - code 80000003 (first chance)  
eax=00000000 ebx=00000000 ecx=5a600000 edx=001fe0c8 esi=fffffffe edi=76fb3b1c  
eip=770309bd esp=0019fa48 ebp=0019fa74 iopl=0         nv up ei pl zr na pe nc  
cs=0023  ss=002b  ds=002b  es=002b  fs=0053  gs=002b             efl=00000246  
ntdll!LdrpDoDebuggerBreak+0x2c:
770309bd cc              int     3</b>  
0:000> g  
ModLoad: 76910000 76970000   C:\Windows\SysWOW64\IMM32.DLL  
ModLoad: 76800000 768cc000   C:\Windows\syswow64\MSCTF.dll  
ModLoad: 6e4e0000 6e5db000   C:\Windows\SysWOW64\WindowsCodecs.dll  
ModLoad: 10100000 1010e000   C:\Program Files\Logitech\SetPoint\x86\lgscroll.dll  
ModLoad: 721d0000 7226b000   C:\Windows\WinSxS\x86_microsoft.vc80.crt_1fc8b3b9a1e18e3b_8.0.50727.4927_none_d08a205e442db5b5\MSVCR80.dll  
ModLoad: 72cb0000 72cd1000   C:\Windows\SysWOW64\ntmarta.dll  
ModLoad: 76aa0000 76ae5000   C:\Windows\syswow64\WLDAP32.dll  
ModLoad: 732a0000 732b3000   C:\Windows\SysWOW64\dwmapi.dll  
ModLoad: 76580000 76603000   C:\Windows\syswow64\CLBCatQ.DLL  
ModLoad: 04630000 05279000   C:\Windows\SysWOW64\shell32.dll  
ModLoad: 04790000 048ec000   C:\Windows\SysWOW64\ole32.dll  
ModLoad: 73260000 7329c000   C:\Windows\SysWOW64\oleacc.dll  
ModLoad: 04790000 048ec000   C:\Windows\SysWOW64\ole32.dll  

The calculator loaded fine and works as expected.

Trying to load it from either command line or double-clicking on the executable still results in it not loading.

Anybody know what's going on?