Without much info to go on it sounds like your install may be porked - but it could be lots of things and I wont be doing any remote Windows troubleshooting today.
1. Suggest you uninstall all the games.
2. Install again in this order I think (You might want to check that at 3rd wires site) SF2,SF2V, SF2E, SF2I, SF2ep1, SF2ep2
When you install merged everything must go into the same folder so set the path as C:\Program Files (x86)\Thirdwire\SF2\ or similar for each install.
Test it works and look in C:\Program Files (x86)\Thirdwire\SF2\ to make sure you have a .exe file for each game - i.e 6 exe files called:
StrikeFighters2 Europe.exe
StrikeFighters2 exp1.exe
StrikeFighters2 exp2.exe
.......
etc
3. Install cumulative patch May 2011 for all SF2 games
4. Install patch June 2011 then patch July 2011