Right Click Window

This one is baffling me, I’m running XP Pro SP-1 when I click; Start, All Programs, and then try to right click on one of the shown applications to get the shortcut window all I get is a flash of the shortcut window and then nothing. Has anyone seen anything like this? I have tried to repair windows, no good. I really do not want to reformat the drive to resolve the problem. Any ideas?