Frehley:
OK, let us get to the bottom of this. Please...
1. Click Start > Run...
2. In the Run... text box, type [size=13]msconfig[/size] and click OK.
3. In the System Configuration utility, select Diagnostic Startup.
4. Click Apply and OK.
5. Restart your computer.
If the Windows32 folder still opens, let us know. If it does not, then one of the services, startup items, WIN.INI items or SYSTEM.INI items is to blame. We may find out which one by next trying selective startup in the System Configuration utility.
Let us know how it goes,
Doc