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This document is intended to describe one method for adding specific launch commands to the right mouse button (RMB) in the Windows 7 explorer. There are likely other methods available.
In previous versions of Windows, users were able to add commands to the context menu from the Tools menu.

Select Folder Types, then select the File Types column to sort it alphabetically.

Next, select the advanced button.

Then select New…

 Enter the information your application. The Action: option is the description that will appear in your menu when you right click on the folder. The second option, Application used to perform action: is the executable, or batch file you want to run. Note that its generally better to browse to the location where the program is located, than to type in the path.
To use the new functionality, simply navigate to the desired folder, then RMB to open the context menu:

So that’s how things used to work prior to Windows 7. Pretty simple.
Now to replicate the functionality in Windows 7, we need to use the registry. Standard warnings here, make sure you take necessary steps to backup your registry / machine. Add this functionality at your own risk, etc. You’ve been warned.
Launch regedit from the Start > Run command line. Navigate to the following key location:
Computer\HKEY_LOCAL_MACHINE\SOFTWARE\Classes\Folder\Shell

Select the shell location, and right click in the right panel.

Enter the name of the new location. I used something like ProW-WF5_m060 to denote the version and build of Pro/E. Use anything you like, but remember this will be the menu item that pops up.
Next, select the newly created location, and right click it, creating the command location.

 

Once the command location is created, edit the value for the string.
You’ll see something like this:

As mentioned earlier, it is safer to copy / paste this info as opposed to typing it.

That’s it! You’ve created an option on the RMB that allows you to launch Pro/E (Creo?) in the desired folder.
One tip I have is to select one menu above the actual target folder when using this tool. I’ve seen cases where Pro/E won’t start in the lowest folder when launching it via this menu.
Also note that launching Pro/E using this tool should be done in the right side of the file explorer. If launched from the left side, the working directory will be your users’ home directory. (I think)