Actually I had the same problem and fixed this by linking the extension, not to bsplayer.exe but to the file bsplay.exe (that has no icon here).
You can also do so by going into you registery:
HKCU/software/microsoft/windows/currentversion/explorer/fileext/ chose .avi and then you'll see a list of the programs available by preference order, just modify the right one to bsplay.exe.
hf.
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