From a glance at the documentation, it seems that your best bet is to use an VirtualBox VM running WinXP + IE7.
If you have access to a Linux machine, or want to virtualize one, a 32-bit version of Firefox 2 is supported (However it gives no indication if 2.0+ or 3.x is supported). The docs also mention another caveat:
Console Redirection and Virtual Media only supports 32-bit Web browsers. Using 64-bit Web browsers may generate unexpected results or failure of operations.
The out-of-band management is generally worth the trouble to set up, especially with a slow response time at the colo (or no remote hands availability at all, in which case it is absolutely necessary.) In a pinch, it's also good for trying out custom kernels remotely.