well, it is save to say, you can kill all Iexplore.exe file running and then delete this file.
IE is run from c:\program files\internet explorer\Iexplore.exe
not for winnt\system32
Delete the file. It's pretty easy. Then open regedit and go to HKLM\software\microsoft\windows\currentversion\run
look for anything pointing to that c:\winnt\system32\iexplore.exe and delete it. then got to:
HKLM\software\microsoft\windows\currentversion\runonce and look for the same thing.
Then do a find in the registy for iexplore.exe record all of the keys that it finds. there will be a few. But check the paths to where it is pointing. If any of them point to any place other then c:\program files\internet explorer... You know it's not correct, so delete it.
That should take care of the problem...
Good luck