Well if you want to run IE7 without hurting IE6 installation, or more so you cant install IE7 on your PC for some reason, with no success as of yet. Then dont worry, here is the solution.

1. Download the IE7 Beta Install File.
2. Open the install file with a decompression program like WinRAR (yep, it’s an EXE, but it’s a self extracting EXE) and extract them to a folder, from where you will run IE7
3. Copy the text below to notepad and save it as IE7.bat in the same folder you’re setting up the standalone IE7 copy, or just download it from here. (Right Click & Save target as…)@ECHO OFF
TITLE IE7 Launcher 1.4
ECHO IE7 STANDALONE LAUNCHER 1.4
ECHO Updated for IE7 Beta 2 Preview
ECHO.
ECHO Do not close this window or it will not clean up after itself properly.
ECHO You can pass a URL into this batch file, like this:
ECHO ie7.bat www.muchhalasworld.uni.cc
ECHO.
ECHO More info here: http://weblogs.asp.net/jgalloway/archive/2005/12/28/434132.aspx
ECHO.
ECHO When you close IE7, this will remove the registry key and shut itself down.
ECHO.
ECHO Setting up IE7 for standalone mode...
PUSHD %~dp0
ECHO Removing IE7 registry key and set the version vector to "7.0000".
> %TEMP%.IE7Fix.reg ECHO REGEDIT4
>>%TEMP%.IE7Fix.reg ECHO.
>>%TEMP%.IE7Fix.reg ECHO [-HKEY_CLASSES_ROOTCLSID{C90250F3-4D7D-4991-9B69-A5C5BC1C2AE6}]
>>%TEMP%.IE7Fix.reg ECHO [-HKEY_CLASSES_ROOTInterface{000214E5-0000-0000-C000-000000000046}]
>>%TEMP%.IE7Fix.reg ECHO [HKEY_LOCAL_MACHINESOFTWAREMicrosoftInternet ExplorerVersion Vector]
>>%TEMP%.IE7Fix.reg ECHO "IE"="7.0000"
>>%TEMP%.IE7Fix.reg ECHO.
:: Merge the REG file to delete the IE7 standalone entry
REGEDIT /S %TEMP%.IE7Fix.reg
REN SHLWAPI.DLL SHLWAPI.DLL.BAK
TYPE NUL > IEXPLORE.exe.local
ECHO Running IE7...
iexplore.exe "%1"
:: Merge the REG file to delete the IE7 standalone entry
REGEDIT /S %TEMP%.IE7Fix.reg
:: Delete the temporary REG file
DEL %TEMP%.IE7Fix.reg
ECHO Removing IE7 standalone files...
REN SHLWAPI.DLL.BAK SHLWAPI.DLL
DEL IEXPLORE.exe.local
:: Set the old version vector "6.0000".
> %TEMP%.IE7Fix.reg ECHO REGEDIT4
>>%TEMP%.IE7Fix.reg ECHO.
>>%TEMP%.IE7Fix.reg ECHO [HKEY_LOCAL_MACHINESOFTWAREMicrosoftInternet ExplorerVersion Vector]
>>%TEMP%.IE7Fix.reg ECHO "IE"="6.0000"
>>%TEMP%.IE7Fix.reg ECHO.
REGEDIT /S %TEMP%.IE7Fix.reg
DEL %TEMP%.IE7Fix.reg
POPD
ECHO Complete, closing...
4. When you want to run IE7, double click IE7.bat – it pops up a DOS window that will hang around as long as IE7 is running so it can clean up after it (by deleting that pesky registry key) when you close IE7. Don’t close the DOS window down because you will close IE7 with it too.
5. When you’re done with IE7, just shut it down. The DOS window will clean up the registry key and delete the standalone files, then disappear. If you shut IE7 down and the DOS window hangs around, just close it and run it again.

Known Bugs:

1. Tabs dont work properly
2. Feeds don’t work
3. Quite a few menu prefrences dont work

P.S.: For all queries on how this works, dont ask me as I have no idea. Just vist this link: http://weblogs.asp.net/jgalloway/archive/2005/12/28/434132.aspx