Might be an encoding issues. Read this article. Make sure you have all of
the .nls files and that your registry setting is correct.
Pictures Are Not Displayed on Web Sites in Internet Explorer
A Web page may display an image as a red X, or a placeholder may appear in
place of the image.
Covers also this problem: Web page that is encoded for the Western European
(ISO) code page might not display any images: http://support.microsoft.com/?kbid=283807
Others have had success in repairing IE.
Add/Remove programs/MS/IE repair....
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