The Panda Windows installer totally hosed the system path for me on my Windows XP SP3 system. It replaced the system path with only the two Panda paths.
I have seen some other installer do this in the path; it turned out to be caused by improper handling of SZ_EXPAND vs regular string properties in the registry, if I remember correctly. However, given the painful experience I had, I suggest whomever maintains the Windows installer look into the issue. (Another possibility: my system path env variable was named PATH but after installation of Panda, it’s now named Path, which I think is non-standard)
While on this topic: what installer maker are you using?