I installed PSPad as regular application, not portable (i am sure on 95% ;-) ).

Runnig application as administrator resolved the problem, but in a little bit
different way :
1) run PSPad as administrator
2) "Multi User Enviroment" is allready checked
3) check "Register in system context menu"
4) save and exit
5) restart system (maybe not necessary, just to be sure)

6) hooray, right-click integration in Windows Explror is working
7) but when running PSPad as regular user the option "Register in system context
menu" is disabled again (not accesible), but it keeps checked.

Thank you.

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