1. Right Click on your Windows 7 taskbar and select Toolbars.
   
   
2. In the Toolbars sub-menu select New Toolbar....
   
   
3. In the Folder field copy and paste the following address and hit Select Folder.
   
   %appdata%\Microsoft\Internet Explorer\Quick Launch.
   
   

Easy see, now you can use the Quick Launch Toolbar in Windows 7.

To remove the Text and Titles simply:

1. Right click on the tool bar and make sure Lock the Taskbar is not selected.
   
   
2. Right click on the Quick Launch bar and unselect Show Text.
   
   
3. Right click on the Quick Launch bar and unselect Show Title.
   
   
4. If you want the Taskbar locked again, re-select the Lock the Taskbar option.