> But in actuality, when I Run as Administrator, I am running as XP? (That may be wrong.)

No, that is correct. I am running as XP.
Task Manager will show User Name, XP.


> So everything related to XP applies to the program I am running. (That may be correct.)

Yes, that is correct.


> And in the same way, if I create files, who owns them? RUBEN or XP? >> Appears that the files are owned by RUBEN.

I think I'm wrong on that. Looks like the Owner is XP, though RUBEN is also listed as having the same permissions. That is the only mitigating factor that I see so far.

Even though the permissions may be the same, there may still be problems in that RUBEN may still not have needed permission without elevating. (See below.)


> So it is only the program being run that runs in the context of XP

Correct. (And child processes spawned from the program, I'd suspect. Like if you opened a DOS prompt.)


> & by virtue of that, the program settings set for XP?

Correct.



> If that is the case, that stinks!

This is the case. IT STINKS!