Control Panel is in C:/Windows/System32 as control.exe:
http://donaldbroatch.users.btopenworld.com/control.png
Is control.exe where it should be? What happens when you click on it?
Have you got ‘Display control pane as a link/menu’ enabled? (Right click on Start>Properties>Start Menu>Customize>Advanced
http://donaldbroatch.users.btopenworld.com/customizestart.png