Да, такое действительно возникает после установки IE7, попробуй в качестве веб компонента подключить c:\WINDOWS\system32\shdocvw.dll.

Вот, из опыта наших американских «партнеров»
автор
I have the same problem after i updgrading to IE7. My VB6 program with "Microsoft Internet Controls" will not function well.

Here are the step I make to solve the problem:
1) Reference the "Microsoft Internet Controls" from "C:\Windows\System32\ieframe.dll\1" to "C:\Windows\System32\shdocvw.dll". Save your VB6 project.
2) Run your VB6 project. Re-install your IE7 if got any "runtime error" occurred. (Most possible it will trigger an error while you try to "navigate" using the Webbrowser for the second time.)
3) After you re-installed the IE7, the VB6 project will properly refering back to the "C:\Windows\System32\ieframe.dll" again. Don't worry about it and you should run the project perfectly without any error.
4) Try to compile your VB6 project then Save it.
5) Re-open your VB6 project again, if it run well, then the problem solved. If it is not, try to do the step one again and then save your VB6 project.

I don't know either this help most of you or not, but at least this solved my problem on this.