Opening files with Windows Explorer with VLC still running

I've found a problem with build "vlc-2.1.0-20120217-1013" for Windows 64-bit. Windows has associated all media files with VLC at setup, and opening a media file works alright when VLC isn't already running.

main debug: adding item `crash23.wav' ( file:///C:/Users/Corey/Portable%20Applications/Games/Ao%20Oni%205.2/Audio/SE/crash23.wav )

If VLC is already running though, it looks at the directory the FIRST file opened was in, and adds all compatible media files in that dir to the playlist, instead of the file that was selected.

main debug: adding item `(null)' ( file:///C:/Users/Corey/Portable%20Applications/Games/Ao%20Oni%205.2/Audio/SE/ )

I've attached the log of a demonstration of this problem.