There is a known bug where this happens the first time (and only the first time) you start a session of K-Meleon until you click somewhere (the window isn't properly getting focus). If you have other examples, please let us know.
In my experience, this bug is not limited to the first session in K-Meleon.
Most of the time, I surf the net using right-button click on a link, followed by "Open in New Window". Most of the time, the new window come up with this bug as well.
I have this problem occasionally myself, however unlike other browsers, it never makes it impossible to actually click the link. In fact, if you click and drag a link (therefore registering a click, but not a click-through), links will work again. I don't even consider this an inconvenience, since the browser doesn't require a restart.