Microsoft made the decision in Windows XP not to allow network access to the "Program Files" and "Windows" folders. You can share a sub-folder within "Program Files" and access the sub-folder over the network.
Just noticed your using Pro, so disable simple file sharing to share the Program Files folder. Still might not work as some progs could need redirection and a shared common folder. When the prog is installed it copies files to the disk and creates entries in the Windows registry. Without those files and registry entries, the program can't run.
You could enable Remote Desktop on the master and run the Remote Desktop Client on the other machine, you would then have full access to the progs.