If it is still happening after you have removed all the shell extensions, then we need to go through some additional steps.
Let me explain first of all why this is happening.
When you right click something, a list of options will be available in that menu. As you may or may not know, when you install certain applications they can add an option to the menu (Eg. video card software). Every time you right click, the option in the menu may call upon a particular file to be loaded. When this file is loaded, it causes a problem in another file and causes a module to close.
Before I continue, let me ask you if everything stayed unchecked in the HKLMSoftwareMicrosoftWindowsCurrentVersionShell ExtensionsApproved of autoruns?
If so, then you will need to get a bit gritty with this problem. Before I describe a method in which will gather a great deal of information, I will need you to try a few other things.
Boot into safemode. See http://techtalk.yourtechonline.com/forum_safemode.php
for information on how to boot your system into safemode if you are unsure how to. First of all, does the crash occur in safemode? If not, this would indicate the problem is occurring from an application that is currently loaded into memory when running in normal mode, and we would then need to look at all you processes and process modules. If it does crash in safemode, it will indicate that the problem is indeed related to a static setting, and we will need to find out where and what that setting is. When you are in safemode, please run autoruns and follow the directions I gave in my first post to make sure there are no shell extensions enabled.
As mentioned from the other posts in this forum, a system file chack can isolate any corrupt or problematic files that may need to be replaced, and regardless of your situation I recommend running a sfc /scannow at least once every 3 months. I don't believe this problem is a corrupt system file as it is isolated to one function, in one circumstance. Let me also ask you this: Does explorer.exe crash when you right click some text in a web page? I would assume that it doesn't. If it does then we need to look at repairing some of your scripting libraries and definitely run a sfc /scannow.
Now for the fun part. If nothing else helps as described above, follow these directions below:
Go to http://www.sysinternals.com/ntw2k/source/filemon.shtml
and download file mon. Open filemon and you will see a bunch of events flying by in the window. This part is important, so try to follow this precisely:
*Click the little magnifying glass on the menu at the top to stop capturing (or press ctrl+e). As you will see there is a lot of information piling up quickly here. WE only want to capture events around the time that you right click and get the crash. Once you have paused capturing events, we want to clear the event list. You can do this by clicking edit > clear display or pressing the clear display button or pressing ctrl + x. Once you have a clear display, click the capture button again and immediately right click an icon on your desktop to make explorer crash. The second you see the crash occur, stop the capturing. You will now have a list of all events that occurred in the time that explorer crashed.
Click file > Save As. Save the log to your desktop and IF (only if) the file is a decent size, copy and paste the log back here. I would actually prefer to download the complete log, this way I can load it into filemon myself. To do this, upload it somewhere and place the link in this forum so I can download it.
If I cannot isolate the issue from this, the task gets even more complicated. In order to fix the issue you will need to use two capturing utilities at the same time. The process in continuing further would be out of the scope of support through a forum, but hopefully it won't come to that.