There are many possible causes and solutions.
Try the quick, easy fix first. Clear the IE cache from IE> Tools> Internet
Options> General> Delete files and Delete offline content. Reset the TIF
folder size to about 50MB (Settings button) and clear it occasionally.
Also, go to Start | Run and type
regsvr32 /i mshtml.dll
and press OK.
283807 - Pictures Are Not Displayed on Web Sites in Internet Explorer
Note: Repairing IE instead of reinstalling may work
194177 - Description of the Internet Explorer Repair Tool (Windows 95,98,98SE,ME,NT4-SP1,SP2,2000-SP1,SP2)
318378 - How to Reinstall or Repair Internet Explorer and Outlook Express in Windows XP:
221134 - Some Images, Contents, or Controls May Not Be Displayed When
Windows XP SP2:
Pictures do not appear as expected, or you receive an error message when you open an HTML file on a Windows XP Service Pack 2-based computer
Are you using a Firewall or "filtering software"?
Several of these are known to cause problems:
1) Zone Alarm Pro [Private Header Info - enabled?]
Reset "Ad Blocking" and "Cookie Control" to "medium"
"Mobile Code Control" = Off
2) Symantec (ISS\NIS)[Enable Browser Privacy - enabled]
Active Content - "Allow All Script To Execute"
Problem: some sites cannot detect the 128 bit encryption
Solution: Completely remove and reinstall NIS.
3) Any "ad blocking" software that blocks "http_referrer"
or contains entries that are blocking access to the desired site.
4) HOSTS file that contains entries that are blocking access to the desired
5) Cookie blocking software that are blocking "required" Cookies.
6) Pop-up blockers that are stripping header\url info.
7) WebWasher Standard Filter/URL Filter
8) Make sure the following registry entry is not corrupt:
"User Agent"="Mozilla/4.0 (compatible; MSIE 6.0; Win32)"
Note: "Win32" = Windows 98\ME
Other versions = (compatible; MSIE 6.0; Windows NT 5.0;)
To check your "User Agent":
Paste the below into the Address Bar and view the output:
[Example WinME output]
Mozilla/4.0 (compatible; MSIE 6.0; Windows 98; Win 9x 4.90)