>>>2. How to change other properties like 'close on exit' while creating the shortcut or programatically?
>>
>>No, only the properties that Intellisense displays that are read-write are available. For example, "Close on Exit", applies only to DOS applications, and is not exposed even after the shortcut has been created and you get a reference to it with an additional CreateShortCut() command.
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>That information has to the stored and retrieved from some place, maybe the registry? I wonder if it can be programatically changed wherever that place is. I can't find any documentation on it.

I think Mike's on the right track. Unfortunately, I'm not familar with the structure of a Program Information File (PIF), so I can't be of much help here.