You can remove IE only when you have upgrade it and want to revert back your windows to previous state (note *windows*... not IE).
IE is a core component of the MS system, you may try to remove it but you'll likely run into really serious problems that will cost you reinstallation of the system from scratch.
If you just hate IE (actually can't figure out why) then remove the shortcuts from the desktop (*customize desktop* options in desktop properties) and install a new browser and set it as default.
Besides... the actual size of IE program folder is so small that you save little if you delete it (and please don't do it), the rest (and the most) of IE resides in the Windows folder and subfolder, so don't remove it.
Normally you just reinstall IE and everything gets back to normal (sometimes not).
However Win2k and WinXP (IE6 or higher) have *system file protection* [sfc] so when you install IE on these systems you will only update your browser files but more serious problems may not be fixed.
So one last thing you can consider before having a clean reinstall of the system is to run the *sfc /scannow* command.