Solution #1:
Run the Registry Editor (REGEDIT.EXE).
Navigate to HKEY_CLASSES_ROOT\ SystemFileAssociations\ image\ ShellEx\
ContextMenuHandlers.
Delete the ShellImagePreview key.
Close the Registry Editor when you're done; the change will take effect
immediately.
Solution #2:
Run the Registry Editor (REGEDIT.EXE).
Navigate to HKEY_CLASSES_ROOT\ CLSID\
{e84fda7c-1d6a-45f6-b725-cb260c236066}\ shellex.
Delete the MayChangeDefaultMenu key.
Close the Registry Editor when you're done; the change will take effect
immediately.
Note you can save the registry key first by:
On the File menu, click Export.
In the File name box, type SaveKey, and then click Save.
Or create a system restore point prior to editing.
Note: If the registry key is not there, you can simply create one by going
edit > new.
http://support.microsoft.com/default.aspx?scid=kb;EN-US;322756
HOW TO: Back Up, Edit, and Restore the Registry in Windows XP
Disclaimer: Modifying the registry can cause serious problems that may
require you to reinstall your operating system. Use the information provided
at your own risk.