If ADSIEDIT won't allow you to modify the permissions (probably displaying an oddball error message like "An invalid directory pathname was passed"), then likely someone placed a "Deny / Full Control" permission onto the object. The dsacls command with the arguments CN=GUID-OF-THE-PROBLEMATIC-GPO,CN=Policies,CN=System,DC=your,DC=domain,DC=com will report the permissions. Search for the errant "Deny" and "FULL CONTROL" entry and use the /R user-or-group-namme parameter on dsacls to remove the permissions associated with that user or group. If it's really messed up then you'll probably have to use the Windows Server 2008 ADAM / AD LDS version of dscals with the /takeownership argument to take ownership of the object).
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