Thanks DJ. It appears that CTRL+SHIFT+F1 brings me to the same eWP Panic! screen that holding Left-Shift during WPS startup does. This time, no invalid handles were found, and no beep series when eWP loaded.
When the "Panic" dialog shows up, mark the box to *not* run xWP startup folder once, click on "continue" and as fast as possible push CTRL+SHIFT+F1 (left control and left shift). Keep them pressed until WPS is fully loaded. THEN you should open "StartUp folder" and run everything there.
CTRL+SHIFT+F1 prevents WPS from loading any programs in any startup folder (I don't know about special StartUp folders created by xWP/eWP) or any other program that was opened before the last shutdown.
I had noticed many times tha eCenter/xCenter are responsible for almost all WPS corruption problems I experienced in the last 3 or 4 years. I reduced a lot the problem by removing xCenter from Startup folder and keeping it only attached to the screen borders (using the Screen configuration object). The result is xCenter is not loaded while WPS boots, but only the first time you touch the defined border. Since I use xCenter on top of my screen (like original Warp 4 beta), I attached it to the top border. So, whenever I need to use xCenter for the first time, I simply move my mouse to the position where xCenter should be and... bang! It just appears.

I could have just removed xCenter, but it is too much useful to be discarded, now I had found a way to avoid this kind of corruption.
As a secondary tip, add to your CONFIG.SYS the following line:
SET DESKTOP = [your desktop path]
Mine is:
SET DESKTOP = C:\DESKTOP
This will allow WPS to find most of its data even when some parts of INI were corrupted. Moreover, keep at least 5 desktop backups (use the automatic backup features). I program it to archive the desktop once per day OR when there is a change bigger than 0.1%. This way, whenever you notice something was corrupted in the INI (desktop corruption in some way), reset the computer (using CTRL+ALT+DEL or something) and restore the previously archived desktop. CAUTION: sometimes the corruption is shown *after* the last backup is done. In this case, the newest desktop archive may be corrupted. In that case, use the second on the list.