McAfee Support has encountered problems that were created by either upgrading the operating system (for example, upgrading from Windows vista to Windows 7 ) or by using the Microsoft System Restore. McAfee recommends removing McAfee security products before proceeding with an operating system upgrade or using Microsoft System Restore, then reinstalling your McAfee product afterwards.
If you have upgraded the operating system without first removing your McAfee Security products, run the removal tool and restart the computer and then reinstall your mcafee programs .
Steps to uninstall & reinstall using the mcafee consumer products removal tool can be found here
I figured that would solve it, but I was still hoping to find out why an item would be grayed out. I did remove and reinstall eliminating the problem since there was no other reason or solution provided.