How are you launching the IE page (programaticcaly or using built in launch IE on script execution)? Which addons do you have loaded? Try disabling all addons, closing all IE windows, and then launching QTP as an administrator (right click it -> run as administrator). Then try a simple record and playback on IE (www.google.com).
Other questions: Are you on the latest version/patch of QTP/UFT? Do you eventually get any kind of error message?
P.S. here is a simple script that will launch IE (first change the option in record & run setting to ''record and run test on any open browser'':
'Create and launch the Internet Explorer object
Set IE = CreateObject(''InternetExplorer.Application'')
'Set Internet Explorer object to be visible
IE.Visible = True
'Get URL of website to go to
URL = ''www.google.com''
'Navigate to the URL