how many other programs are running with iexplore? Does your cpu usage dive down if you disconnect the internet connection?
Also first off I would look at doing a scan with a decent anti spyware program, ie adaware or an equivilant just to rule that out of the list.
What state is the hard drive in? how old is it and has it been scaned for errors / defragged recently?
With the fan running constantly all the time I would be slightly leaning towards that the cpu is over heating and thermal throttling has come in to slow your cpu down hense the speed - fan issues.
Whats the laptop feel like? does it feel red hot on top of the key pad and are all the vents clear from any dust / obstructions that you can see?
Sorry about the mass of questions im just trying to get a feel for how the laptop is behaving with out being able to prod it in person