It should be able to open programs and not just folders.
From the help menu-
This window pops-up when you click on either the New Item… or the Edit Item… button of The Favorites Tab. Here you can set properties for target text, or the shortcut you're creating. For complete details of how to edit item Properties, see the New Item / Edit Item Dialog box help topic.
Target text or shortcut
Enter one of the following into this field:
v The path to the target folder (where you want the file box to switch after you select that item from the Favorites menu). You can either type in the path or click the Browse for a Folder button to select it from a window.
v The path to the target file or document. When selected from the Favorites menu, this item opens that file (in any File|Open boxes) or (in File|Save As… boxes) it saves your current document using that as the filename. You can either type the name or click the Browse for a File button to select an existing file name from the browse dialog.
v Enter any text that you want, which FileBox eXtender enters into the file name part of a file box, and then press the OK button for you to try to open or save the name immediately. You can also type a file filter expression, for example *.ZIP to list all ZIP archives, or *.TXT to list all text files.
v The path to a program you would like to run from this item, when selected from system tray menu, or from a button on Explorer window. If you would like to add command line parameters, enclose the program path and name into double quotes, then follow to enter parameters. For example, to start Notepad.exe file and open a file named test.txt in C:\ directory, enter here:
while to start empty Notepad window, it is enough to enter:
(double quotes are not needed in this case).
Into this field type:
v The text (title) that should appear in the Favorites menu to describe this item.
v FileBox eXtender automatically recognizes if the target text is a valid path to a file or folder. If it is valid, FbX creates system shortcuts to them. These display as small documents or "folders with a heart" icon in the Favorites menu editor. Or it will display them as text items (listed with a T icon in Favorites editor) if Target text or shortcut does not contain a valid path to a file or folder.