How do I fix my IE, after it was hit with "FakeAlertB" trojan?

I got this "FakeAlertB" trojan, that McAfee keeps deleting, but it doesn't undo the effects, which are a permanent "System Alert" in the taskbar", and now IE insists on having "securityuptodate[dot]com" and won't let you change it, and now allows various pop ups, despite the pop up blocker.

Is there anyway I can get rid of this, or should I just reformat my drive and start over.

How do I fix my IE, after it was hit with "FakeAlertB" trojan?internet explorer download

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How do I fix my IE, after it was hit with "FakeAlertB" trojan?windows xp internet explorer

Try going to trendmicro.com and running their free spyware scanner, then run the free anti-virus scanner.
Get Firefox, it is safer and this will never happen again. No pop ups at all.
i would try running a full system scan in mcafee, see if it detects and repairs anything, if not then run a spyware program and see what it finds. if nothing then i would format, its allways best to try software fixes first before formatting. and you could also see if mcafee or norton on their site has a fix for this bug.
I would not reformat your drive yet and from what you say most virus scanners are not going to help either, this sounds like spyware and not a virus. You probably need to do a system restore to a point before you became infected. That will should correct your problem and you won't lose any data. I'm posting an article in the resources I wrote a while back that should get you on the right track. There are serveral others on the same site which will give you some pointers on how to prevent this from happening again. Hope it works out for you.
A system restore to a date before the spyware appeared.Then...GET A FIREWALL...Mozilla firefox is best.Never use IE alone.