Why would anyone want to do this? It has recently come to light that IE has security flaws in it. Not using it doesn't solve the problem, but you'll have to start reading the individual security advisories to see that exploits are still possible on your system when you're not using IE.
1. If you use nLite, WinUpdate can still work.
2. Use Daisy or use http://windowsupdate.62nds.com/