ContextEdit

ContextEdit screenshots

ContextEdit lets you control which items appear on your context menu
ContextEdit Help
ContextEdit 1.2 : ContextEdit Help

Alternative downloads

ContextConsole Shell Extension
2.1.0.1
FREE
It adds an "Open Command Prompt" menu to the context menus in Windows Explorer.
XP Context Tools
3.0
FREE
XP/Camtech Context Tools is a collection of free useful tools.
Explorer Context Menu Platinum
4.20.8670
It's designed to add custom items to Windows Explorer shell context menu easily.