You can use the following RUNDLL32 commands to clear your tracks in IE7. You can also make shortcuts for each of these functions.

Delete Temporary Internet Files:
RunDll32.exe InetCpl.cpl,ClearMyTracksByProcess 8

Delete Cookies:
RunDll32.exe InetCpl.cpl,ClearMyTracksByProcess 2

Delete History:
RunDll32.exe InetCpl.cpl,ClearMyTracksByProcess 1

Delete Form Data:
RunDll32.exe InetCpl.cpl,ClearMyTracksByProcess 16

Delete Passwords:
RunDll32.exe InetCpl.cpl,ClearMyTracksByProcess 32

Delete All:
RunDll32.exe InetCpl.cpl,ClearMyTracksByProcess 255