There really isn't a good fix if you have a good 'ole PowerPC processer; however if you have a new intel mac you have some solutions....
1. Download ies4osx.
http://www.kronenberg.org/ies4osx/
You will have to download Darwine and ies4osx, both available from the link above. This will run Internet Explorer in X11 (Think windows for UNIX.) From this "true" Internet Explorer, I have been able to run LMS natively and without problems. (Well, only 1; when viewing LMS presentations, switching windows [checking mail, doing something else] sometimes causes the LMS to reload.)
or, 2. I hate to endorse it, but switch to a Windoz environment. (BootCamp, Parallels, VMWare.)
Good luck!