Here are my steps that got IE7 running on XP SP2, without installing it.
First extract the IE7-WindowsXP-x86-enu.exe file using something like winrar. Then go to the folder you just extracted and delete the file SHLWAPI.DLL. Then open notepad and just save a blank file in notepad as IEXPLORE.exe.local . Then you will be able to run the iexplore.exe.
DISCLAIMER:I AM NOT RESPONSE FOR THE THING IF PROBLEM CAUSES
First extract the IE7-WindowsXP-x86-enu.exe file using something like winrar. Then go to the folder you just extracted and delete the file SHLWAPI.DLL. Then open notepad and just save a blank file in notepad as IEXPLORE.exe.local . Then you will be able to run the iexplore.exe.
DISCLAIMER:I AM NOT RESPONSE FOR THE THING IF PROBLEM CAUSES