Some programs install Control Panel icons. For example, Nero ImageDrive installs a Control Panel icon; most Symantec programs also install a Control Panel icon, etc.
It might happen that these icons installed by different applications don't work - they are broken. Sometimes you uninstall an application only to discover that the Control Panel icon it installed is still there, but it doesn't work anymore.
The Control Panel Manager allows you to manage all these icons by enabling, disabling or permanently remove them.
If you don't want to see anymore an icon listed in the Control Panel, you can select it and then press the Disable button. The icon you selected will then be displayed in the lower panel, and it won't be displayed by Windows anymore.
The Run selected button allows you to start the Control Panel application you have selected.
The Refresh button refreshes both the enabled and the disabled icons list.