I would check the following
1) that your not starting IE against the webserver againt the wrong port, if your using the development IIS then it changes ports at times. That combined with you setting up the browser to launch against a the old port could create this problem.
2) Stop the local IIS and restart it (Again make sure your pointing towards the correct port)
3) Make sure you dont have any hung IE in task manager ( this happens to me sometimes ). Basiclly you have a IE in task manager that uses less then 1mb of ram and does not show on the taskbar, if thats the case kill them.