I've got a control panel that causes a "process to stop running" every time I open it.
In my case it was from installing a piece of hardware using a driver that was not Windows 7 specific. I don't know which one yet as I haven't reinstalled 7 to find out.
Seems probably that one of the control panel items is faulty. Though it's not as easy as just removing the icons one by one like upi might for any mnormal folder. You MIGHT be able to go rename each of the .cpl files one by one (though they don't actually have to have a .cpl extension)
Or.. the way to realy tell is to do a fresh 7 install and then install each piece of hardware one by one. Unless it does it right out of a fresh install.