Hyperlinks don't work
First, try setting IE5 as your default browser. Go to IE tools/internet options/programs and turn on the check box for IE to check if it is the default browser. Shut down and restart IE. When it asks to be default browser, say yes.
Also have a look at this link:
Internet Shortcuts in Outlook Express Don't Start Browser (Q177054)
http://support.microsoft.com/support/kb/articles/q177/0/54.asp New window is blank or nothing happens when you click on a link - Q281679
http://support.microsoft.com/default.aspx?scid=kb;EN-US;Q281679Incorrect Settings in the Dcomcnfg.exe Tool [Q274696]
http://support.microsoft.com/support/kb/articles/q274/6/96.asp Internet Explorer Home Page Opens When You Click a Link That Is Pasted into an E-mail Message (Q291859)
http://support.microsoft.com/default.aspx?scid=kb;EN-US;Q291859 Also see 'open in new window doesn't work' and 'opens blank (empty) windows'
Go to my computer, view/folder options/file types (or control panel, folder options depending on your operating system.
Scroll down to the URL:Hypertext Transfer Protocols, click edit twice and make sure the following is in the application used to perform action box:
"C:\PROGRAM FILES\INTERNET EXPLORER\iexplore.exe" -nohome
The same applies for URL:Gopher
DDE should be set to: "%1",,-1,0,,,,
Application should say: IExplore
DDE application not running should be blank
Topic should be: WWW_OpenURL