Ok I got the problem upgrading to IE7 so this is most likely because you upgraded to Internet Explorer 7? (I'm guessing), basically once you save your project with IE 7 installed its going to get corrupted.
What I did was, go onto another computer with IE 6 installed (Or you can just "add and remove programs" uninstall IE 7 - this reverts you to your previously installed version, in my case IE 6) I copy and pasted all my code from my corrupted VB program into another new program, recreated forms and saved (under this IE 6 environment) program works successfully, removed IE 7 from my computer retried program and it works. Needless to say IE 7 is not being reinstalled at this time. Please note the corrupted programs do not work under IE 6.
Uninstalling and reinstalling IE 7 did not work, did multiple times. Going to the Project menu in Visual Basic then References. Looking for Microsoft Internet Controls, clicking, then browsing from ieframe.dll to shdocvw.DLL did not work (VB programs under IE 6 link to shdocvw.OCA, I did not search for this file under IE 7. Someone can try this by resetting from the default file browser filter to *.*) maybe linking to the OCA file under IE 7 will work also.