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Windows XP Tips, Illustrations and registry edits
When you open the My Pictures or My Music folders in your user profile, you'll see the Watermark in the lower right-side of the folder.
To hide or show the Watermark icon, use these steps:
HKEY_CURRENT_USER \ Software \ Microsoft \ Windows \ CurrentVersion \ Explorer \ Advanced
Value name: ListviewWatermark
Value Type: REG_DWORD
Possible Data : 0 and 1