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Aquí te mando un documento oficial de Microsoft sobre este problema, te recomiendo que lo copies y lo pegues en Word y lo veras mucho mejor.
La mejor solucion que ofrecen es instalar W98, aunque al final del documento refieren que instalando Internet Explorer 4 con SP1 o posterior debe funcionar.
PSS ID Number: Q236930
Article Last Modified on 06-11-2002
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The information in this article applies to:
Microsoft Windows 95 OEM Service Release 2.0, 2.1, 2.5
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Symptoms
If you are using system policies and you enable restrictions in a policy for a Windows 95-based computer, you may receive the following error message when you try to open a document that is associated with a program that you specified in the policy as a program that should be permitted to run:
This operation has been cancelled due to restrictions in effect on this computer. Please contact your system administrator.
For example, this problem may occur if you double-click a Microsoft Project file, when Microsoft Project (Winproj.exe) is on the list of permitted programs.
Cause
This problem can occur if the registry information associating the file type with the permitted program is incorrect. For example, this problem can occur if the path to the permitted program contains spaces, and the path is not enclosed with quotation mark characters when stored in the registry. If the path in the registry contains spaces and is not surrounded by quotation marks, Windows 95 does not resolve the path to the program correctly when determining if the program is on the list of permitted programs.
Resolution
To resolve this problem, upgrade to Microsoft Windows 98.
To work around this problem, edit the path to the program associated with the file type you want to open:
Click Start, point to Programs, and then click Windows Explorer. Use Windows Explorer to view the folder containing the file you want to work with, right-click this file, click Properties, and then note the file type. For example, a Microsoft Project for Windows 95 file would have a "Microsoft Project 4.1 Project" file type.
In Windows Explorer, click Options on the View menu, and then click the File Type tab.
In the list of registered file types, locate the entry for the file type you noted in step 1, click this entry, and then click Edit.
Under Actions, click Open, and then click Edit.
In the Application used to perform action box, add quotation mark characters around the path to the program file. For example, if the Application used to perform action box contains the following text
C:\Program Files\Microsoft Office\WINPROJ\winproj.exe "%1"
you would change this text to:
"C:\Program Files\Microsoft Office\WINPROJ\winproj.exe" "%1"
Click OK, click OK, click OK, and then quit Windows Explorer.
Status
Microsoft has confirmed this to be a problem in Windows 95.
This problem was corrected in Windows 98. This problem is also corrected in Windows 95 with Internet Explorer 4.01 Service Pack 1 or later installed, and with Active Desktop enabled..
More Information
This problem is known to occur with the following Microsoft programs:
Microsoft Access 97, Spanish language version
Microsoft Project 95, Spanish language version
When these programs are installed, the path to the installed program is not enclosed in quotation mark characters when the path is entered into the registry.

Hola de nuevo, he reinstalado explorer6 y tengo w98, ¿debo reinstalar w98?. Muchas gracias por el documento, pero estoy frito de ingles. Gracias?