My Computer\HKEY_CURRENT_USERS\Software\Microsoft\Windows\CurrentVersion\Explorer\RunMRU.

What you should see is RunMRU highlighted in the left pane and its exploded view in the right. There are three key entries here. The first, under Name and Data, is (Default) and (value not set). Never, under any circumstances, delete this entry. Next are the actual entries themselves, all listed by letters of the alphabet under Name. These entries you can eliminate by highlighting the letter entry, then hitting the Delete key. The third entry type is called MRUList and contains all the "used" letters designated by other entries. You can highlight it, double-click it, and delete only the letters of items that you've deleted to keep the listing accurate.

WARNING!! This is a REGISTRY HACK! And as such, you MUST FIRST make a backup of your Registry so that you can recover from any mistakes you might make. The Registry is a very unforgiving place if you don't know EXACTLY what you are doing. An incorrect Registry entry can render your entire system INOPERABLE. DO NOT attempt to change Registry settings without a Backup. Don't say we didn't warn you...

The Configuration Backup Utility is one of the CD-Extras, so if you don't have the CD-ROM version of Windows 95, CLICK HERE to download it now.

Another, perhaps, EASIER way to accomplish this is to use Microsoft's Add-on utility, TweakUI. It comes as part of Microsoft's Powertoys. Among other things, it will automate the process of clearing the Saved RUN items. CLICK HERE to download TweakUI now.