Back in April 2006 I posted a copy of TickShifter, see here for details. It seems that there was a bug in my Win32 debugger code on which TickShifter is built. The bug was that we failed to "forget about" dlls that were unloaded... Because we failed to forget about them it was possible for the debugger code to try and do something with addresses in these dlls that were no longer loaded and this would cause a C++ exception on the debugger thread when our call to ReadProcessMemory() failed and this caused all sorts of problems...
The end result of this is that if you try and run TickShifter on an executable that happens to load and then unload a dll during process start up then it probably wont work very well... Internet Explorer is one such executable...
I've fixed the bug, I'll release a new version of TickShifter shortly.