I had a problem with internet explorer recently, where trying to open a new window, either through Ctrl+N or through a link that opens a new window would cause the same window to refresh and open as a blank window. In effect you could only have one window of internet explorer open at a time.
The most recent piece of software installed was Yahoo Messenger, so I went into Tools -> Internet Options -> Programs -> Manage Addons, and disabled all the Yahoo Addons.
This fixed the problem. At first I had thought that I had a spyware/adware problem, but not so according to Microsofts antispyware program and spybot. Anyway, the problem is all fixed now and things seem back to normal.