If you use the Search of these forums, you'll find that a procedure has helped many avoid reinstalling the OS to fix IE.
Here's the method.
1. Download IE60.exe from evolt's browser archive.
2. Use IERADICATOR to remove IE/OE
3. Use IE60.exe to install IE 6.0
4. Run Windows update.
http://www.experts-exchange.com/Operating_Systems/WinME/Q_20998066.html duplicates this advice.
How can I repair or replace internet explorer? The repair option is not listed in control panel and the new install will stop at 70 to 90% of completion, says to close all applications and try again, but I am having no luck with that I am running an HP with ME edition of windows.I have 319 mb ram, and plenty of hard drive space left. Can you help me?