When you open Internet Explorer 7, it may default to runonce2.aspx or runonce3.aspx (Customize Your Settings) page. When saving the custom settings, a script error displaying Element not found message appears.

Microsoft issues a workaround for this problem in article Q945385, which says to create the RunOnceHasShown and RunOnceComplete registry values manually. While this can prevent the runonce3.aspx page from coming up the next time, the real question is why Internet Explorer is unable to successfully write the settings to the registry in some systems?
Resolution
While working on this issue, I found that the problem is caused due to incorrect data in the following key:
The (default) value should be set to C:\Windows\System32\ieframe.dll
The above problem occurs if the value data is pointing to module shdocvw.dll, which also causes the following problems in Internet Explorer 7:
- Error "Element not found" when adding a Search Provider in IE7
- "You’ve opened a new tab" message does not go away
Registry Fix
Download ie7tlbfix.zip, unzip the archive and run the file ie7tlbfix.reg.
This should solve all of the above problems in Internet Explorer 7.
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Well done for this fix, I had this problem on my wife computer for over 4 months and its was annoying me.
Thank you. Fixed the problem and allowed me to choose search provider, etc…