IE Commercial Remover (free) is a simple app that requires no installation. Running it and clicking a button adds seven Web sites (one of which has an asterisk, representing all sites at that domain) to its restricted list. This has the effect of removing numerous banner ads and popups from displaying, as these sites furnish a good portion of the Internet's ads. Unfortunately, it's not a big enough percentage.
IE Commercial Remover's list is not all-inclusive; you're still going to see ads, just not as many. I've tried the Adblock Plus Firefox add-on, which is much more comprehensive; there's an app inspired by it for Internet Explorer, called Adblock IE.
I noticed numerous banner ads still appeared on my favorite sites; IE Commercial Remover could stand to ad about 50 more ad sites to its list. As it is now, it's just too weak a list. And there's no way to add or modify the sites that IE Commercial Remover ads to the restricted list, which is a shame. It's a light app that doesn't even require installation, so if it had a frequently updated and large list of ad-producing domains, it'd be very useful.