I am not absolutely certain that i have understood you.
When you click on iTunes, do you see the hourglass briefly, but iTunes does not open and there is no error message?
If so open your taks manager after trying to open iTunes and look on the processes tab. Can you see iTunes.exe there although iTunes does not open?
If so you have a particular type of launch failure that is often associated with problems with cryptographic services.
Did you make any changes to your system before the problem started?
If it happened out of the blue, you need to run a scan for malware. It might also be worth a second opinion from an online scan but ONLY use a big name, such as Kapersky or similar. There are many scams out there that introduce malware.
http://www.kaspersky.com/virusscanner
You need to be sure your system is clean before starting troubleshooting as malware can not only cause this problem but also interfere with a solution.
Once you have done that, here is a method for diagnosing the problem, you need to report back with the results and then we can look at a solution.
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Troubleshooting silent launch failure in Windows XP
Before checking if iTunes works, restart your PC or close the iTunes.exe process with task manager if it is running.
A couple of simple things to try:
http://support.apple.com/kb/TS1776?viewlocale=en_US
Stop the bonjour service, this FAQ has instructions:
http://support.apple.com/kb/HT2250?viewlocale=en_US
But usually it is due to a problem with cryptographic services.
Check to see if you have your smart card service and that it is not set to disabled. For some reason iTunes needs it.
Start>>Run>>Services.msc
you should find the smart card service in the list. Report back with your findings.
Malware can interfere with cryptographic services and also prevent a resolution so it is important to check that your system is clean before proceeding: Run a virus and spyware scan with up to date definitions.
Then work through *Method 4* in the following link:
http://support.microsoft.com/kb/822798
You should be able to copy and paste the individual lines to save on typing.
Make a careful note of any error messages you get, they are important for diagnosis. Report back any error messages especially the names of any dlls mentioned.
If there are no errors try starting iTunes.