Hippo is
(as far as I know) NOT one of the official BS.Player-websites from which to
download BS.Player FREE.
I've IE8 (I skipped IE7 so I've never used it) and IE8 (in Dutch under 'Extra' but I think in English this would be under Tools) has something similar (management of add-ons/plug-ins) like previously mentioned for FF. I unfortunately don't know about IE7.
Are you logged on as administrator?
What is your OS? If Vista: how about UAC?
Change your Internet Explorer home page - Windows Vista Help Internet Explorer Home Page - How to Change Your Home Page In Internet Explorer 7 - About Web Browsers