Your popups.ini file is not loaded. For some reason, this happens to some people during install. In fact, it just happened to me when installing mIRC 7.19 here to test it. To fix the issue, press Alt-R, then click the Popups tab. In the View menu are the different sections. You will need to do the following for each item in the View menu.
Go to the File menu and choose Load. Choose Popups.ini. If you installed to c:\program files\mIRC\, then it will be located in c:\program files\mIRC\defaults\scripts\ . Repeat for each item in the View menu. Then press OK and it you will have the right click menus and the commands menu.
@RusselB: The Commands menu is part of Popups.ini. It is there as long as you have something in the Menu Bar section of Popups (you can change the name from Commands to something else if desired).
