It is possible - and recommended by many - to use the MS update site manually.
That way you get to pick which updates you want / need rather than have MS shove everything down your throat.
IE7 as a "critical / high-priority" update. Yeah, right.
So every month I trundle off to the MS site and download my selection of the latest clutch of plugs and plasters.
Then simply check the "do not show me this update ever again" box against the ones you don't want.
SD