There is a lot of things you should be doing on your page.
1) For production always used a minified version of jQuery. Better yet, Use jQuery from a CDN like google so the chances that jQuery is already cached in the clients browser increases and the time for it to load is reduced.
Right now your jquery is 160kb instead use this in your header :
<script type="text/javascript" src="http://ajax.googleapis.com/ajax/libs/jquery/1.4.2/jquery.min.js"></script>
2) Sliding panel (http://www.openyourheart.org.uk/test/scripts/jquery.slidingpanels.js) gives a 404 - check if you have the script in the correct location).
3) Right now there are 8 HTTP requests just for JavaScripts. The more javascripts you can put into one file and minifiy(YUI Compressor) the better. Each Javascript will load and will stop everything else from loading on your page until it loads and because these are on top. The whole page will take a very long time to load.
Use a tool like Firebug(Net tab) Addon in firefox to see how many files are being loaded and how big they are.
4) I think there is room for the images to get smaller(A single facebook yellow image is 500kb -- your background is 1.3MB - Love Hurts is 590KB) You've got 2 MB between 3 images -- imagine someone with a dialup connection trying to get to your site.
Your background anyways doesn't have much detail - In photoshop if the quality goes down to 6-8 i don't think it will make too much of a difference.
5) Other smaller images can be made into PNG and minified they will come down in size drastically. For PNG files you can use utilities like OptiPNG and others to reduce the size of png images -- i think that particular image(facebook) should come below the 25kb range once made png and minified.
6) Consider GZip compression for your webpages.
I Haven't seen this in IE as yet because there is so much that should basically change in the website itself. Once you've optimised your website, I think it sould work in IE unless there is a specific IE related issue with one of your JavaScripts(hint, look at the documentation for the plugins for known IE related issues).
Higher load times are bad for SEO as well as google has considered load time as a SEO parameter. In firefox Firebug you can install an addon called YSlow! this will help you track other things you can do.