A co-worker of mine was troubleshooting an issue where a user was unable to open images in the Windows Photo Viewer. Whenever she would try to view an image, the Photo Viewer would open but the image would never load; instead the image was replaced by the spinning blue circle. There was no issue opening the image with other image viewers. To troubleshoot, I fired up Process Monitor and captured a trace of the activity for a few seconds while trying to open the image.
Before starting, its worth noting that the Windows Photo Viewer is not an exclusive process that runs out of C:\Program Files (x86)\Windows Photo Viewer. It is actually executed by dllhost.exe, a host processes that is used by other processes (in this case explorer.exe) to launch code. If something were to go awry with hosted code, then it would only affect that instance of the host process and not explorer, which might crash the desktop.
After a few seconds of capture, I stopped collecting activity, went to Tools > Count Occurrences > Column: Result. My guess was that the Windows Photo Viewer was looking for something that it needed to properly load the images but could not find it. I selected the PATH NOT FOUND value and applied it. There I could see that dllhost.exe was unable to locate some files in C:\Windows\System32\spool\drivers\color.
I looked at a couple other systems and saw that this folder existed and was populated with the missing files the COM surrogate was looking for. I wasn’t sure how, why, who deleted this folder but I copied it to the problem computer, opened an image with Windows Photo Viewer and it was working.