MSDN states that "By default, any application registered as an organizational unit HKEY_CLASSES_ROOT\Applicationsis presented in the Open With dialog box.".
However, two exceptions are listed: A NoOpenWithsubkey (empty REG_SZ) removes the application from the Open With dialog box. A SupportedTypeskey with a list of extensions restricts the application to only matching Open with dialog boxes.
Note that HKCRis a virtual bush formed by merging the corresponding parts HKCUand HKLM.
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