Pocket Internet Explorer is a scaled down version of desktop IE, meaning that you may not be able to view a website in exactly the same way as on your desktop. However, it really depends on the website itself. I have been able to access full version of SOME websites, but keep in mind that loading a page may take quite a whilte. Also, some websites have a mobile version, allowing you to view a more simplified but mobile-optimized version. For example, if you type the url of aximsite, you will automatically be connected to Aximsite Mobile.
I have been able to download from some sites but not all of them. Streaming audio and video can also work, but it depends on the format of the stream and also which player it requires. One source that works using windows media player is
www.shoutcast.com. Check out the multimedia forum for more specifics.