Few more hints:
1) uninstalled LW
2) deleted appdata/roaming/folder
3) installed again
4) if I run it "normally", same problem: LW appears then closes
5) I set properties of LW.exe as Win2K compatibility
6) now it load to 12%, then get first screen with folder options
7) going to next screen, LW reports error in ntdll.dll and closes

I have no more more ideas on what to do.