Why use IE? I just use Google Chrome portable. It's fast, easy, and has a "Incognito" mode where you can run it without leaving ANYTHING on the host comp.
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I don't know anything about running IE. But you can run Firefox and Opera portable on a USB. First thing you need to make sure that your workplace even allows their usb ports to work that way, most IT departments disable usb ports from running alot of stuff for security reasons. I use Portable Start Menu to create an autolaunching mini startmenu for all the applications, and it's pretty much just click-click to add a new application to the menu list. . http://www.aignes.com/psmenu.htmAnd this site, WinPenPack, bundles a lot of programs that work on a usb drive, http://www.winpenpack.com/main/page.php?29, but allows you to pick individual ones if you just need a few.
Another place to get portable firefox (and other portable applications) is www.portableapps.com and it's all free!
And for hidden browsing from your network admins you could use tor, which also comes as a bundle for usb drives with pre-installed firefox, www.torproject.org (make sure you read the information supplied to understand the limitations).
Check out the recent Systm episode on mounting an OS on a thumbdrive.
Note that they can see what you're doing anyway. They can see all your network traffic. They know what sites you're visiting, how long you're spending on them, etc. Don't think that by using a different browser that you can get away with it.