QC does not support IE7. Do a search on this forum for IE7 and you should find a couple of threads with work-a-rounds. Also monitor Mercury Support for updates. They have issued an update for QTP and IE7.
They may already have one for QC.
If you have the IE add-in from the older QC or TD, it will work fine with IE7 & QC.
Oh, and please do not post the same question on multiple forums. Bad JuJu!
Since Jake moved your General post to TD, I am closing this one.
Success is the ability to go from one failure to another with no loss of enthusiasm.
~ Winston Churchill ~