Here are some things that worked for a couple of people. It's a known issue with Internet Explorer.
1) Before attempting to Login in Make sure the "Remember Me" Checkbox is UNTICKED
2) Make sure you are running the latest version of your browser, if not, upgraded it.
3) Make sure you REALLY have cleared both your COOKIES and CACHE
4) Once Cleared shut down the browser
5) Then Open it again and check that the Cookies and Cache are indeed Empty. This is very important. The problem seems to be with corrupt cookies and cache files
6) If that is OK try going to www.blogger.com . Don't login yet, press CTRL-F5 and then try logging in again
7) If that still does not work try logging into Gmail first and then go to www.blogger.com and try again
8) If that does not work try going to this address http://www2.blogger.com/home
9) If that does not work try going to draft.blogger.com
10) If you use IE8 or IE9 try pressing the compatibility button (at the end of the address bar) when you're on your blog page.
11) If all those fail, try installing another browser to see if that works eg Firefox, Chrome, Opera etc
12) Just install Google Chrome.
PS - in case anyone wondered, NO I was not paid or perked or whatever by Google to promote their stuff. I'm just a convert.