|You can't do this...|
because %DATE% has "/" in it and they are not except able characters for file or folder name. You have to parse the date.
Also I don't think this will work as said above..
Create shortcut -f -t C:\tempbackup\DAY_%DATE% -n "\Documents and Settings\eric\Start Menu\Proams"
Create is not a command that I know of. You have to do like said above to make short-cuts.