error: "cannot find 'file:///c:/program%20files/aol%20toolbar.html"

Is the file mentioned in the error message not this instead?

file:///C:/Program%20files/AOL%20Toolbar/welcome.html

I believe that's the case and the registry fix you posted is far too vague for someone to tinker in the registry.

The keys to look for are:

[HKEY_CURRENT_USER\Software\Microsoft\Internet Explorer\Main]

and

[HKEY_LOCAL_MACHINE\Software\Microsoft\Internet Explorer\Main]

both with a sub-key called:

"First Home Page" with a value of C:/Program Files/AOL Toolbar/Welcome.html