There doesn’t exist such feature in IE. You should check-out Spring CLeaning from Allume Systems (https://www.allume.com/win/springcleaning/index.html) or switch over to Safari. Safari offers exactly this feature what you’re looking for. It’s called “Reset Safari” and Safari removes your complete history, cookies.
I recognized less problems when I cloned my system with Superduper but both programs are really good.
I agreee with eyecamiam: You should erase your powerbook harddisk and copy your files back.