I got that error too when I installed (Windows 8 64-bit). IIRC, the shortcuts were linked to an *.frm file, which windows reported it didn't know how to open, but opening AALauncher.exe worked just fine.
While we're mentioning bugs though, I have a couple that have really been annoying me:
Seemingly randomly, about 1/8 times I complete a level, the game crashes. Perhaps related, one time I decided to go back to town during a level, and it crashed as well.
Another annoying bug is switching between keyboard look and mouselook mode by pressing tab. The mouselook view centers on where the mouse is in keyboard look mode. For example, if I'm looking at a druid in mouselook mode, and decide my health is getting too low, I'll press tab to switch to keyboard look, and open the inventory window. If I use a potion, and leave the mouse cursor at the edge of the screen, the view will center on the point where the mouse was when switching back to mouselook, so I'll no longer be facing the druid that was attacking me.
Also, what's the best way to report bugs? I sent another e-mail to your lesink email address, but you didn't reply, so I wasn't sure you got it. Maybe a sub-forum for bugs, and feature requests would be useful?