We have no way of guessing what you have tried.

From http://www.fjsmjs.com/IE/redx.htm

Most of the contents of this page are from Don Varnau and Mike Burgess

There are many possible causes and solutions.
Try the quick, easy fix first. Clear the IE cache from IE> Tools> Internet
Options> General> Delete files and Delete offline content. Reset the TIF
folder size to about 50MB (Settings button) and clear it occasionally.

Next...
283807 - Pictures Are Not Displayed on Web Sites in Internet Explorer
http://support.microsoft.com/?kbid=283807
Note: Repairing IE instead of reinstalling may work
194177 - Description of the Internet Explorer Repair Tool (Windows
95,98,98SE,ME,NT4-SP1,SP2,2000-SP1,SP2)
http://support.microsoft.com/?kbid=194177
318378 - How to Reinstall or Repair Internet Explorer and Outlook Express in
Windows XP:
http://support.microsoft.com/?kbid=318378

221134 - Some Images, Contents, or Controls May Not Be Displayed When
http://support.microsoft.com/?kbid=221134
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Additional information from Mike Burgess:

Are you using a Firewall or "filtering software"?

Several of these are known to cause problems:
1) Zone Alarm Pro [Private Header Info - enabled?]
Reset "Ad Blocking" and "Cookie Control" to "medium"
"Mobile Code Control" = Off

2) Symantec (ISS\NIS)[Enable Browser Privacy - enabled]
Active Content - "Allow All Script To Execute"
Problem: some sites cannot detect the 128 bit encryption
Solution: Completely remove and reinstall NIS.
[more info]
Web Pages Display a Red "X" Instead of a Graphic
http://support.microsoft.com/?kbid=316545 [Norton Products]

3) Any "ad blocking" software that blocks "http_referrer"
or contains entries that are blocking access to the desired site.

4) HOSTS file that contains entries that are blocking access to the desired
site.

5) Cookie blocking software that are blocking "required" Cookies.

6) Pop-up blockers that are stripping header\url info.

7) WebWasher Standard Filter/URL Filter

8) Make sure the following registry entry is not corrupt:
[HKEY_CURRENT_USER\Software\Microsoft\Windows\CurrentVersion\Internet
Settings]
"User Agent"="Mozilla/4.0 (compatible; MSIE 6.0; Win32)"

Note: "Win32" = Windows 98\ME
Other versions = (compatible; MSIE 6.0; Windows NT 5.0;)

To check your "User Agent":
Paste the below into the Address Bar and view the output:

javascript:navigator.userAgent

[Example WinME output]
Mozilla/4.0 (compatible; MSIE 6.0; Windows 98; Win 9x 4.90)
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Other possibilities at http://www.colba.net/~hlebo49/ieimage.htm
and
http://www.mvps.org/inetexplorer/answers.htm#jpg_gif