If I only needed IE, I'd install it through CrossOver as linkandzelda said. Running a full VM just for an internet browser is a bit of a waste; even if you install XP, you're looking at 2 gigs of space being used simply for the operating system.
If you
only need IE, CrossOver Mac will work for you. If you want to run games too, I'd suggest the CrossOver Mac Pro bundle, since that includes licenses for both CrossOver Mac and CrossOver Games (though obviously it's the more expensive option.)
http://www.codeweavers.com/products/cxmac/
IE 6 and 7 are officially supported by the CrossOver team and score pretty well. IE 8 isn't officially supported, although I suspect it will be eventually, but it's got the same "stability" medal as IE 7 does. I've used IE 6/7 through CrossOver since I do web design and have to confirm rendering compatibility and I've never had any issues.
http://www.codeweavers.com/compatibility/browse/name?app_id=15
http://www.codeweavers.com/compatibility/browse/name?app_id=1491
http://www.codeweavers.com/compatibility/browse/name?app_id=4225