BleepingComputer.com: Weird LNK issue

WinXP HP
I have links for IE, FF and others in the start menu. Initially, an IE lnk pointed to an invalid file and would not open IE.
I found 3 IE folders including IE8. I cleaned the system up and deleted the IE7 folder as clicking either EXE file opened IE8.
I replaced the shortcuts on the start menu, quick launch bar and desktop.
Everything seemed fine till the link in the start menu stopped working. Looking at the properties, it was now blank & grayed out.
IE opens with EXE file click and creating a new desktop LNK works.
A reboot brought back the start menu lnk - no longer blank and now functional - for a few min, the blank again.

This weirdness did not appear to affect FF shortcuts.

A serious virus scan has been run with Viprerescue. Webroot is the default AV program. Nothing but low level threats were detected.

What is happening?

What model HP system?

I would do the basics...run the appropriate diagnostic on the hard drive, check Event Viewer clues, check for overheating possibilities, and check the amount of free space on the Windows partition.

How To Use Event Viewer - http://www.bleepingcomputer.com/forums/topic40108.html

Louis