I'd uninstall it and reinstall it. Something isn't right. I installed it on over 80 computers at work and have not encountered this problem.
There are some IE items in Add-Remove programs you can try uninstalling. If you want to uninstall IE, in Add>Remove programs click on the Windows components and it is there.
Sorry to say this but sounds like you got hit with some malware or spyware. The address you listed, "res://ieframe.dll/navcancl.htm", is for a canceled page transfer or timeout not a separate website. I would suggest running through whatever antispyware you have as well as running through trendmicros housecall, free web based utility.
Yeah, you should be able to uninstall if you don't have a spyware or related problem. I used 7.0 for about five minutes until it was obvious it was bogging the computer down, so I uninstalled and it automatically went back to 6.0 with no problems. If you think you have spyware, try using hyjackthis.
FOUND THE BUGGER!!!!
Turns out IE7 comes with two additional programs that it surreptitiously installs. One is "Internet Explorer Secuirity2006", and it skips my mind what the other one is named (something simular). I removed them, and all is back to normal.
Thanks to all who helped here. Iboats rules because of you folks!