Does IE load if you only load it AFTER you dial up?
(cause it sounds like you are loading up IE BEFORE dial up and then you are loading up again AFTER dial up.)
IE may not be terminating properly... Do a Ctrl+Shift+ESC and see if iexplore.exe is still running. If it is then terminate it (your entire windows ui will reset because IE is tied in with explorer). Try to load IE again. If it loads then theres your problem... If not... write back here
But to circumvent all these problems... Give Mozilla a try