I deleted svchost.exe but nothing has happened to my Computer or IE?? (touch wood)What should I do? Is there anyway I can get it back online? I seem to have misplaced my reload CD????

Why the crap would you do that? Well, how did you delete it? The file should be located in your WIDOWS\System32 folder, and is locked when Windows is running.

According to the MS Knowledge Base: "The Svchost.exe file is located in the %SystemRoot%\System32 folder. At startup, Svchost.exe checks the services portion of the registry to construct a list of services that it needs to load. Multiple instances of Svchost.exe can run at the same time. Each Svchost.exe session can contain a grouping of services, so that separate services can run, depending on how and where Svchost.exe is started. This allows for better control and easier debugging." Not sure whether you can still find it in your Recycle Bin; did you try doing a search to see if it is still on your hard drive somewhere? You might want to check in your search engines to see if the file can be restored (or copied from another PC to yours).