according to the original question, the answer is depend on what version of windows you have, is it 32 bit or 64 bit, and also, is it pre windows vista or starting from windows vista..
the ability of displaying the NE executable (the 16 bit executable) have been ceased in vista upwards, in both 32 bit and 64 bit. if you have windows pre vista then it should display correctly( I'm not sure about x64 XP).
P.S.:if you are using vista upwards (32 bit only) and have access to the windows XP SP0 you can copy over the progman.exe and grab the NT4 service pack 6 somewhere, you can views your NE icon correctly from your program manager.. use the exact steps from
http://people.ee.ethz.ch/~davidsch/vistafm/ and rename the progman to winfile temporary..