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Windows cannot find C:\Program Files (x86)\Internet Explorer\iexplore.exe

When I double click on the intenet explorer short cut on the desktop or in the start menu, I get an error message that says "Windows cannot find 'C:\Program Files (x86)\Internet Explorer\iexplore.exe'. Make sure you typed the name correctly and then try again. When I open explorer and navigate to C:\Program Files (x86)\Internet Explorer and double-click on iexplore gives the same error. Also, double-clicking on a URL shortcut gives the same kind of error, but says cannot find www.whatever.com. I upgraded from IE7 to IE9, that didn't help. Also, I can run Internet Explorer (64-bit) and if it's open, subsequently doubleclicking on a URL shortcut will open it correctly, but if you close IE 64bit, it's back to the same issue.
2 Solutions
Looks your PC is infected. Try to Scan your PC with some antivirus or Anti malware/spyware & 2ndly try to unistall & reinstall Internet explorer.

Was any scanner being run before this happened?
If so, then could be because the PC was infected and the scanner that was used only removed the bad files and left the bad value in the registry.

If you scan with MalwareBytes it should correct the registry if it was caused by some nasties.
Malwarebytes http://www.malwarebytes.org/mbam-download.php

In the registry look in this key and check if there are values in the DEBUGGER that points to a bad file, then delete that value, or just delete "iexplore.exe' subkey.
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows NT\CurrentVersion\Image File Execution Options\iexplore.exe
msatterleeAuthor Commented:
I'm splitting the points. At the point of Adeelg1's suggestion, I'd already run a Malwarebytes and Kaspersky AV scan. His suggestion prompted me to run the Superantispyware scan which seemed to have fixed it. So even though his suggestion led to the answer, it was a little vague. I'm giving half the points to Rpggamergirl because the registry key she mentions was the thing that Superantispyware found.

Thanks for your help.
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