I get the same problem on English XP. The module seems to get stuck in a loop, but tracing it through it is a distinctly non-trivial loop. Try running this to see what I mean:

perl -d:Trace -MWin32::Exe 
-wle"$e = Win32::Exe->new( 'c:\windows\system32\shell32.dll' );"
[download]

There seem to be several hundred lines of processing before the loop repeats. The only way I can see that happening is if the module contains a set of cyclic offsets. For example, mayne one of the offsets followed, is being treated as a signed 16-bit value instead of an unsigned 16-bit, resulting in a negative offset that causes a cyclic loop. Speculation, but it fits the emperical evidence.