Sounds like a firewall problem.
If so make sure you allow rundll32.exe to have access.
Or:
Windows cannot access the specified device, path or file. You may not have the appropriate permissions to access the item."
If you have spybot installed open it go to the Immunized tab and make sure the check is out of the "lock IE Control Panel"
Also Norton Works and McAffee Utilities are known to sometimes cause this.
If the above doesn't help try the following:
Go to Start
Click on Run and type in:
regedit
Click on the Edit
Click on Find and type in:
NoControlPanel
In the Find field.
When you find an entry, right click on the entry and either delete it or modify the value to 0.
Press the F3 key to continue the search (it may be in more than one place)
Close the registry editor. You may need to reboot for the change to be effective.
Also see this link for the specific keys where you might find it:
http://members.aol.com/axcel216/newtip9.htm
How to find a corrupt file in the control panel.
To resolve this problem, determine which .cpl file is damaged, remove the file, and then reinstall it.
Click Start, point to Find, and then click Files Or Folders.
In the Named box, type *Cpl.
In the Look In box, type c:\<windows>\system, where <windows> is the name of your Windows folder.
Click Find Now.
Double-click one of the .cpl files. If the file is damaged, an invalid page fault occurs in Kernel32.dll. If an invalid page fault does not occur, repeat this step with each .cpl file until an invalid page fault occurs. The file that causes the error message to be displayed is the file that is damaged.
On the File menu in the Find window, click Close.
Delete or rename the damaged .cpl file in the Windows\System folder.
Open Control Panel to verify that it is functioning properly.
Extract a new copy of the .cpl file you removed from your original Windows disks or CD-ROM.
For information about using the Extract tool, type extract at a command prompt, or see the following article in the Microsoft Knowledge Base:
129605 How to Extract Original Compressed Windows Files
or:
http://www.computercops.biz/postt30928.html