Can I safely delete the contents of Content.IE5?

Question

I'm running MacOS 10.6.8 (Snow Leopard) and using Bootcamp 3 (I think) so run Windows XP SP3. My Bootcamp drive is formatted in FAT32, There is a hidden folder in Windows called Content.IE5 where, as I understand it, Internet Explorer stores all of its temporary files. My folder has grown to over 700 MB, and it doesn't get any smaller when I click on the delete temporary files button in IE.
The folder itself is invisible in Windows, but I can see it when I navigate through the Bootcamp drive in Mac OS.
I found two links regarding this problem, one from Microsoft
http://support.microsoft.com/?scid=kb;en-us;301057
http://www.paessler.com/blog/2009/04/17/prtg-7/how-to-get-rid-of-huge-default-us erlocal-settingstemporary-internet-filescontentie5-folders
As the second link explains, there are severral issues that make it quite difficult to clear the contents of this directory, such as the fact that it belonds to the "default user" and the fact that it is always in use. But as a Mac user running Bootcamp, I have the ability to navigate directly to the directory while running Mac OS and delete the contents manually which otherwise is not possible when running in Windows! My question to the community is should I do it? Or rather, has anyone else attempted this, and if so, did you brake anything in Windows or did it all turn out honky dorey?
Many thanks.

Answer 1

Thanks. The clip in the events folder is in Apple Intermediate Codec.
A clip from the same video in the Original Movies folder is also in Apple Intermediate Codec but with larger pixel dimensions. I'm assuming this isn't H.264 as you mentioned should be there? See attached images.
The original movie is shot in 1080p AVCHD. But when I imported it into iMovie I did so at the iMovie optimised 920 x 540px as most movies I edit will only ever appear online for the moment (I do archive original HD footage from important footage to the iMovie Camera Archives for future use).