The ability to Repair Internet Explorer does not exist in the version
that ships with Windows XP. This feature only becomes available after
you upgrade to a newer version. This is normal and has been this way
since Windows 98 and IE4.
However, you can reinstall IE in Windows XP by clicking Start, Run and
entering the following command:
rundll32.exe setupapi,InstallHinfSection DefaultInstall
132 %windir%\Inf\ie.inf
You will need to have your XP CD available.
How to Reinstall or Repair Internet Explorer and Outlook Express in
Windows XP (Q318378)
http://support.microsoft.com/default.aspx?scid=kb;EN-US;q318378