Give it a default value that will appear when you right click a folder, i.e. NewKey (use an "&" without the quotes, in front of any character and it will allow you to use the keyboard). Navigate and click on the registry key HKEY_CLASSES_ROOT\Folder\shell\NewKey. Now you have to add a New Key named Command and Set the (Default) value of the application you want to run. For example: c:\program files\internet explorer\iexplore.exe (Include the full path)
"Windows XP Tips: Add a program to the Right Click Menu So as to Use it Every where by just doing a Right-Clicking"
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Reference : techpraveen.com