FYI- I was able to resolve this... sort of.
Apparently this is a problem with IE versions 6-8 and the way it handles transparent png files. If you are interested in the details, you can look here: http://www.techsupportforum.com/design-forum/web-design-development/329328-xxx-items-remaining-ie-slow-page-loading-problem.html
Others who have encountered this haven't come up with a fix. However, I was able to significantly speed up the load time for custom presentation files by changing this file:
C:\AwareIM\Tomcat\webapps\AwareIM\aware_ext\resources\css\iepngfix.htc
After I removed ALL code from that file and left it completely empty (0 KB), the "items remaining" countdown was significantly faster because each "item" being loaded didn't have to churn through a whole page of code that exists in that htc file.
So if you run into this problem and are looking for a workaround that will make your application functional, this may work for you too.
Fixing this problem fixes the "IE freezing" issue as it was directly related to the way images are loading and tying up system resources.