This appears to only affect the 32-bit version of IE, 64-bit IE worked fine.

I removed KB931768 and rebooted. Both versions work fine now.

"Marshall Kiam-Laine" wrote:
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> Problem : ie7 refuses to open
> after Installing update KB 931768
>
> Solution : find C:\program files\ iexplore.exe
> right click and "Run as administrator"
> After ie7 has opened :
> Tools\options\Advanced - Disable Pfishing.
>
> should be ok now - but of course be extra Alert for
> any Fishing emails.
>
>
> ----------------------------------------------------
>[/color]