Hold down Ctrl+Alt+Shift and double-click the shortcut.
Keep all three keys pressed until you see the pop-up then release (you may need to close any properties dialog) then click on Yes to delete settings and wait whilst Elements rebuilds the default prefs.
What type of shield icon do you have? Is it the Windows UAC? Something from your anti-virus? It sounds like extra security is being applied to the shortcut (or to the application), which may prevent it from launching. Can you post a screen shot?