Unable to access internet options in control panel or from IE7

I’m using Windows XP Professional SP2. Something has went wrong on this system. I can access all settings and options in Control panel, except one. It is Internet Option. Don’t know why it is not allowing me access Internet Options. Whenever I click this, nothing happens. I even tried accessing the same problem Internet Explorer 7 but still the same thing, nothing happens.

Can anyone please tell what is wrong with my computer?

Hello Bearing, just try out the following steps and see if it helps in any way:

Open a run Command and type in: gpedit.msc and press Enter.
On the group Policy locate this option under:
[&] User configuration
[+] Software Settings
[+] Windows Settings
[-] Administrative Templates
[-] Internet Explorer
[+] Application Compatibility
[+]Internet Control Panel
[ ] Offline Pages
[ ] Browser menus

Now here in the right pane, go to Tools menu:Disable Internet Options... menu option.Make sure this not Disabled for your account by double clicking it and see the settings there. Note you can do any changes unless you are logged as administrator.

Now close this window and click Start > RUN > type "regedit" and press enter. Now navigate to the following registry entry and make sure that IE Option is set to Zero.
HKEY_CURRENT_USER\Software\Microsoft\Windows\CurrentVersion\Policies

Now navigate to this entry HKEY_CURRENT_USER/SOFTWARE/Policies/Microsoft/Internet Explorer/Restrictions
= "NoBrowserOptions"Try to delete it ("NoBrowserOptions") and Close the Registry and Restart your computer.

Close the Registry and Reboot.