BleepingComputer.com: 0x46296d48 Error When Ie7 Starts

This error occurs when I start IE7 on Vista 32-bit, but only as a regular user. If I right-click and 'Run as administrator' the error does not occur. I have tried disabling all add-ons, and resetting IE back to defaults (reset button on advanced internet options page), but that only works for one session. Ideas?

Error 7/25/2007 2:50:43 PM Application Error Event ID: 1000 Task Category (100)

Faulting application iexplore.exe, version 7.0.6000.16473, time stamp 0x46296d48, faulting module ntdll.dll, version 6.0.6000.16386, time stamp 0x4549bdc9, exception code 0xc0000005, fault offset 0x0006164f, process id 0x28c, application start time 0x01c7cf05d7a4a68f.