I have the free version of Fences installed on a Windows 7 64-bit system. The system has two monitors but the (6) fences are all displayed on the main monitor. If I:
1) Double-click on the desktop to hide all the fences
2) Reboot (system comes up without fences showing, fine...)
3) Double-click on the desktop to show the fences
All the icons are shown with the "default" picture. As I move the mouse over the icons they are refreshed to their proper value - or - if I hit F5 to refresh he desktop all the icons are refreshed to their proper value.
I often see this same effect when I double-click to hide/show all fences with no rebooting. In this case some of the icons will be OK and others will not.
Let me know if you need more info.