You have to enable universe packages first. It is also recommended that you use the official winehq ubuntu package:

1) Open a terminal

2) Open /etc/apt/sources.list
 sudo gedit /etc/apt/sources.list

3) Uncomment (or add) following lines:
 deb edgy universe

4) Add this line:
 deb edgy main

5) Close gedit. Update and install wine and cabextract:
 wget -q -O- | sudo apt-key add –
 sudo apt-get update
 sudo apt-get install wine cabextract

6) Download IEs 4 Linux and install
 tar zxvf ies4linux-latest.tar.gz
 cd ies4linux-*

Note for Dapper users: if you use ubuntu dapper, replace edgy with dapper on lines above. Note for Feisty users (7.04): if you use ubuntu Feisty, replace edgy with feisty in the lines above; for latest ubuntu, replace edgy with hardy. Also replace gedit with kedit if running Kubuntu instead of Ubuntu.

For "Fiesty" K/Ubuntu Users (and 64-bit "Fiesty):