I downloaded the 32-bit version (because there doesn't seem to be an x64 lite) and checked the box during installation to replace Windows Explorer, but that didn't happen. Win+E still opens Explorer, as do all the shortcuts in the Start Menu. I have Windows 7 Home Premium 64-bit.
assuming that the installation went fine, the test of success is if you click on a folder on your desktop and xplorer2 lite opens. You don't get WIN+E replacement automatically, if you want this too google for a free tool called winkey
Apparently, links anywhere (desktop, start menu, pinned to task bar) don't open with xplorer2, but once Explorer is open, opening a folder there starts xplorer2. Huh?