>Shortcut1 to the network copy- f:\omasrc\dist\oma.exe
>Shortcut2 to the local copy- c:\oma\oma.exe
>Shortcut1 works, shortcut2 doesn't; they're the same version of the .exe

Is it just teh shortcut, or even if you run the EXE from explorer

Try adjusting the shortcuts "Start In" property.

PS: You can still run the Exe's Main PRg from teh command window.