|Windows ME comes with IE5.5, and can be fully updated to the latest version of IE by going to windows update|
The windowsupdate site for windows ME is v4.windowsupdate.microsoft.com
From there you should be able to download IE, and the many many security patches for it (like SP1 mentioned above)
Edit: If IE still does not install, although not reccomended you can trick MSN into thinking you have a newer version of IE, but like I said this is NOT reccomended.
Step 1: Go to start, click on "Run" and type in "Regedit"
Step 2: Go to HKEY_LOCAL_MACHINE
Step 3: Go to Software
Step 4: Go to Microsoft
Step 5: Go to Internet Explorer
Step 6: Edit the Values 'Build', 'Version' and 'W2KVersion'
If not all are there or same, just change the values that are '5.5' or thereabouts
Change the 'Build' from "5xxxxx" to "7xxxxx" (x represents just numbers, dont put x in)
Change the version from '5.5x' to '7.5x' (basically change the first number from 5 to 7)
Like I said at the start this is not reccomended, and if you have not used regedit before you can REALLY damage your PC. I have only put these instructions as a last resort, and take no responsobility for any damage you may do to your PC, yourself or anything in the planet!