1. Step Open the Explorer (Windows key + E)
2. Step Go to your main partition where Windows 7 is stored, usually C:
3. Step Go to the path: C:\Windows\System32\spool \drivers\ color\ or enter it in the address bar at the top.
You will find something like this here:
4. Step Delete the profile CalibratedDisplayProfile-0.icc and your Photo viewer will fly again.
Keep in mind that this will delete your display calibration. Instead of relying on the Windows 7 display calibration, get the profile from your monitor manufacturer, e.g. from belinea.com.