The folder exists, the application has been made executable.
But when i run it I get the following message:

pst007x@pst007x-Aspire-5741:~$ /home/pst007x/Applications/ClipGrab/clipgrab
bash: /home/pst007x/Applications/ClipGrab/clipgrab: No such file or directory
pst007x@pst007x-Aspire-5741:~$

Thanks

NOTE: AS SUGGESTED BELOW

pst007x@pst007x-Aspire-5741:~$ file /home/pst007x/Applications/ClipGrab/clipgrab /bin/bash
/home/pst007x/Applications/ClipGrab/clipgrab: ELF 32-bit LSB executable, Intel 80386, version 1 (SYSV), dynamically linked (uses shared libs), for GNU/Linux 2.6.15, BuildID[sha1]=0x22c8628796d72d721cf46293fe1d83b965de6df0, stripped
/bin/bash: ELF 64-bit LSB executable, x86-64, version 1 (SYSV), dynamically linked (uses shared libs), for GNU/Linux 2.6.15, BuildID[sha1]=0x7ea55c6b94d32a06887081649ec990fd70700455, stripped
pst007x@pst007x-Aspire-5741:~$ 

NOTE: AS SUGGESTED BELOW

pst007x@pst007x-Aspire-5741:~/Applications/ClipGrab$ ls -l
total 588
-rwxrwxrwx 1 pst007x pst007x 388096 Mar 26 14:50 clipgrab
-rwxrwxr-x 1 pst007x pst007x 194397 Feb 11 04:07 clipgrab-3.1.3.0.bz2
-rwxrwxr-x 1 pst007x pst007x  15981 Feb 13 00:46 Clipgrab icon.jpg
pst007x@pst007x-Aspire-5741:~/Applications/ClipGrab$ 

NOTE: AS SUGGESTED BELOW

    pst007x@pst007x-Aspire-5741:~$ cd /home/pst007x/Applications/ClipGrab/
    pst007x@pst007x-Aspire-5741:~/Applications/ClipGrab$ ./clipgrab
    bash: ./clipgrab: No such file or directory
    pst007x@pst007x-Aspire-5741: