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The first step in troubleshooting this issue is to run Internet Explorer in "No Add-ons" mode. Here's how:

Go to Start, All Programs and System Tools
Click Internet Explorer (No Add-ons)
Restart Internet Explorer. If it runs smoothly, then it can be determined that one of the add-ons was causing the problem. You will need to continue troubleshooting this issue until you find out which add-on was causing the problem. You will need to do this using the Manage Add-ons feature. Here's how:

Note: You will need to reverse the above steps to place Internet Explorer 7 back in regular mode for troubleshooting purposes.

Start Internet Explorer 7
Go to Tools>> Programs tab>> Manage Add-ons button
Under the option "Add-ons that have been used by Internet Explorer", you will see a list of all of the add-ons installed on your system.
Click the name of an enabled add-on and then click Disable under the Settings option.
Note: You may want to speed this process by disabling 3 or more add-ons at a time.

Close Internet Explorer 7 and restart it. If it runs smoothly, you have successfully identified the offending add-on. If the problem persists, repeat the above steps until the offending add-on is identified.
Once the incompatible add-on is identified, it may be necessary to uninstall it using Start, Control Panel, Add/Remove Programs.

You can also try "Resetting" Internet Explorer. With Internet Explorer closed, go into Control Panel and open Internet Options.

Go into the "Advanced" tab and click the "Reset" Button.

Confirm "Reset"

Run Internet Explorer. The Reset will disable your plug-ins. Turn them back on one at a time through "Internet Options" until you find which plug-in is causing the problem.