Make sure that you have all the necessary .nls files and that the registry
is set correctly as per this article.
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 (i. e. 5, 6.
W95/98/se/ME/NT4/2000/XP Jun. 4, 2003)
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Some have reported success when they repaired IE.
Add/Remove programs/MS/IE repair.
Henri Leboeuf
Web page:
http://www.generation.net/~hleboeuf/index.htm