After installing Wampserver 2.0a, I found that I cannot start either localhost or PHPMyadmin from the left click menu choices. IE7 always aborts trying to load 4 more items. However if I start IE7 first, then I can reach localhost or PHPmyadmin via typing in the URL. For now that is my work-around. The error appears to be with imgutil.dll.
I was stupid and pointed the browser location to c:\windows\ie7\iexplorer.exe. That folder contained an older version of imgutil.dll. In wampserevr.ini, I manually changed all references from C:\windows\ie7\iexplorer.exe to c:\wondows\explorer.exe which allowed IE7 to pickup the newer imgutil.dll.
I also restored my database to the new folder structure and never had a problem with the database. I'll see what happens when there is an update to MYSQL.