Microsoft tech support offered this advice for doing a clean install of Explorer:
1. Close all applications.
2. Move the Internet Preferences file and the Explorer folder from the System
references folder to the desktop.
3. Trash the following: MS Internet Cache folder (from the System
references folder; MS Preference Panels folder (from the System folder), and any of these files (that may be in your Extensions folder): Microsoft Framework, Microsoft Internet Library, Microsoft Component Library, and MS Font Embed Library.
4. Use Sherlock (Cmd-F) to find any folder or file with the phrase "Internet Explorer" in its name. Trash them all. [Be careful here in case you have some personal file or folder with this phrase in its name.]
5. Restart your Mac with all extensions disabled except Appearance and Memory.
6. Install a new copy of Explorer 5 by dragging the Explorer 5 folder from the Internet Explorer 5.smi image file to your hard drive.
7. Launch Explorer. It will finish installing and should open (albeit with connection errors)
8. Quit Explorer and restart with your normal set of extensions enabled. (Although the instructions did not say, we presume you next drag back the Internet Preferences and Explorer folder to their previous location - hoping that nothing here is the cause of the problem.)
{taken from MacFixit}
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