You are right, the mod has no .exe. It can be started by starting Half-Life as normal, clicking on "Change game" and chosing Decay (the name depends on the name of the Decay-containing folder inside the Half-Life main folder).
I'm not sure, but having the Steam version of Half-Life makes the mod also startable in the Steam library. But the WON version has to be started with the "Change game" method explained above.
Zockerfreak112
joined
This member has provided no bio about themself...