Not much value in waiting for me, it is working just fine on my XP Pro SP3 system.
Can you be a little more specific about right clicking on an 'Icon' ?
What Icon, Where and what are you trying to do, etc. etc. and I can try to replicate it.
That may have to wait I have something else going on, whilst very little CPU is being used (a few percent) minimising/closing windows is sloth like.
EDIT: Back from the dead, I was unhiding desktop icons, right clicking one for properties worked fine. Also played around with right clicking explorer image thumbnails and renaming them, all of which worked. I also used the right click to delete an old desktop shortcut image which had been left behind, deletion went fine.
If you can be more detailed in what you were doing I can try it out ?