I had this problem. First I Unpinned the shortcuts from the Start Menu. Then I went into Program Files>Microsoft Office>Office12 (for 2007, probably just Office for 2003). I scrolled down to each application affected and right clicked and selected Properties>Security Tab. Click on Edit Permissions, then select each class of user and ALLOW everything. Then Apply and close. Right click on the application icon in the Office 12 folder and Pin To Start Menu. Normal operation should be restored (at least it was on mine). Hope this works.
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