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Yeah, i did check everywhere including the forlder you mentioned, its simply not there.

but i knew that the program was lurking somewhere as i ran a video file that came with WMC and WMC opened...

Have had same problems, whereby could not find a way to run WMC.

Easiest way to get a shortcut on the desktop is:

Launch control panel in vista.

Run Welcome Centre

Click on show all items.