Mike,
I must be missing something still. I'm still not getting anything. Here are some screenshots to show how I've set it up. ArcView.jpg shows ArcView with the feature attributes showing the image field and the popup with the image link. The link with my Computer Name in it works of course, but the other one doesn't. The WinExplorer.jpg shows my directory layout and the .cmd file that I created in the Startup folder.