Solved Windows 7 "Application Not Found" error when trying to open removable media by double click

Steps:

1. Go to start menu and type run in search box. Click on Run. Or simply press windows key+R on your keyboard.

2. Type regedit in the run dialog box.

3. Now follow this path:
    HKEY_CURRENT_USER\Software\Microsoft\Windows\CurrentVersion\Explorer\MountPoints2\

4. Delete MountPoints2 completely. 

Thats it! Your problem is solved! Do tell me if it did not! Happy Visiting! :)