Does it do the same thing if you right click on explorer (folders icon in Task Bar) and then left click on libraries?
If you right click on the explorer icon and see the recent documents, or jump list, or whatever, does anything there appear to be invalid or corrupt. I have had occurrences in Word if I had an old item in that jump list it would not let Word start. Maybe the same type of thing is going on with your system.
If I right click on the Folders Icon on the Task Bar I get two items at the bottom (Windows Explorer & Unpin this program from the task bar.) I had many many "frequent items" above these two at the bottom and removed them one by one from the list.
If I right click the Folder icon and then left cilck Windows Explorer (or just left click the Floders Icon) I get the Libraries page from Windows 7.
I have four Icons - Documents, Music, Pictures, & Videos. I can right click any of these without problems. If I right click in the open space I get the error.
If I right click anything on the left side of this page besides the "Libraries" it works fine. If I right click the word libraries,,, I get the error.