If the object does not exist, not only can you not click on it, but you cannot check properties of it. The problem is not that the object is not enabled, it is most likely that the object cannot be found and does not exist.
There are help topics linked in to your message in your log that you can use to figure out how to work around the "Object does not exist" error. In your example, I'd replace the code with the following:
<font class="small">Code:</font><hr /><pre>If (Aliases.IEXPLORE.page.WaitAliasChild("Link", 2000).Enabled) Then
End If</pre><hr />
Automated Testing Evangelists
Definition expert - noun - Unknown drip under pressure