Wait a minute. I have Vista Home Premium 64 bit and I also have the same two folders. The folder with the x86 is where the 32 bit programs are installed and the 64 bit go in the other. If you look up the properties for IE7 64 bit, it is installed in the Programs Folder. If you look up the properties for IE7 it is in the Programs Folder (x86). Don't delete anything, you need both.

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Intel 6320
4 gigs ddr2 ram
160 gig sata
evga 8800 gts video card
vista home premium sp1 - 64 bit