O seguinte arquivo .reg removerá o item do menu de contexto das pastas:
Windows Registry Editor Version 5.00
[-HKEY_CLASSES_ROOT\SystemFileAssociations\Directory.Audio\shell\Enqueue]
Caso você queira recuperar o item do menu de contexto, aqui está o arquivo .reg para fazer isso:
Windows Registry Editor Version 5.00
[HKEY_CLASSES_ROOT\SystemFileAssociations\Directory.Audio\shell\Enqueue]
@="&Add to Windows Media Player list"
"MUIVerb"=hex(2):40,00,25,00,53,00,79,00,73,00,74,00,65,00,6d,00,52,00,6f,00,\
6f,00,74,00,25,00,5c,00,73,00,79,00,73,00,74,00,65,00,6d,00,33,00,32,00,5c,\
00,75,00,6e,00,72,00,65,00,67,00,6d,00,70,00,32,00,2e,00,65,00,78,00,65,00,\
2c,00,2d,00,39,00,38,00,30,00,30,00,00,00
"NeverDefault"=""
[HKEY_CLASSES_ROOT\SystemFileAssociations\Directory.Audio\shell\Enqueue\command]
"DelegateExecute"="{45597c98-80f6-4549-84ff-752cf55e2d29}"