Did you try deleting your C:/Program Files/Electrum folder, then installing the Electrum 1.7.2 installer again?
Yes. Same result. Does not start. Even the portable version does not start.
I searched the "App Data" folder for electrum.dat but could not find any. I suppose there should have been one. Could it be possible that my machine has been compromised by some trojan that takes wallets ?
Edit: An extensive search of C: found electrum.dat in a subfolder called bash\.electrum --- I have no idea how it got there though.
Note: Electrum is still not starting.