based on your opening message and this one, i am thinking that you (by mistake) or someone started/applied/ran something called GROUP POLICY .. somewhere in that policy there are settings to hide the run option, disable autorun from REMOVABLE media (cd/usb/network) … would u be able to copy the files to your hard drive/desktop and run from there? or they do the same thing ?
google “TWEAKUI” (part of microsoft power toys series) download that, save it on your desktop/mydocuments/somewhere in C drive and see if you can run it.
if that doesnt work, and IT IS the case of group policy OR a malware/spyware/virus then your most value-added activity would be to move out your data/backup somewhere else and reformat pc, and re-install windows..