I put Pcdlib32.dll in C:\Windows\System32, Picaview32.cnt, Picaview32.hlp and Picaview.dll in C:\Software\Graphics\PicaView, and merge the following REG file. You will need to change the serial number / registration info. You might need to adjust the path, as well as the last three lines with your license information. You can get that information from a current, correct installation.
CODE
Windows Registry Editor Version 5.00
[HKEY_LOCAL_MACHINE\SOFTWARE\Classes\*\shellex\ContextMenuHandlers\PicaView32]
@="{68f32140-2ca3-11d0-acc1-444553540000}"
[HKEY_LOCAL_MACHINE\SOFTWARE\Classes\CLSID\{68f32140-2ca3-11d0-acc1-444553540000}]
@="PicaView32 Shell Extension"
[HKEY_LOCAL_MACHINE\SOFTWARE\Classes\CLSID\{68f32140-2ca3-11d0-acc1-444553540000}\InProcServer32]
@="C:\\Software\\Graphics\\PicaView\\PicaView.dll"
"ThreadingModel"="Apartment"
[HKEY_LOCAL_MACHINE\SOFTWARE\Classes\PicaViewImage]
[HKEY_LOCAL_MACHINE\SOFTWARE\Classes\PicaViewImage\DefaultIcon]
@="C:\\Software\\Graphics\\PicaView\\PicaView.dll"
[HKEY_LOCAL_MACHINE\SOFTWARE\Classes\PicaViewImage\Shell]
[HKEY_LOCAL_MACHINE\SOFTWARE\Classes\PicaViewImage\Shell\Open]
[HKEY_LOCAL_MACHINE\SOFTWARE\Classes\PicaViewImage\Shell\Open\Command]
@="rundll32.exe C:\\Software\\Graphics\\PicaView\\PicaView.dll,ShowImage %1"
[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\SharedDLLs]
"C:\\WINDOWS\\system32\\Pcdlib32.dll"=dword:00000001
[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\Shell Extensions\Approved]
"{68f32140-2ca3-11d0-acc1-444553540000}"="PicaView32"
[HKEY_LOCAL_MACHINE\SOFTWARE\ACD Systems\PicaView32]
"UsageCount"=hex:00,00,00,00
"Code"="CODE HERE"
"Name"="NAME HERE"
"Evaluation"="SOME STRANGE ALPHA NUMERIC STRING"