They’ve removed it from their website, they were getting complaints:

“We make a point of listening to our customers,” a Microsoft representative said in an e-mail Thursday morning. “We created the OMGIGP video as a tongue-in-cheek look at the InPrivate Browsing feature of Internet Explorer 8, using the same irreverent humor that our customers told us they liked about other components of the Internet Explorer 8 marketing campaign. While much of the feedback to this particular piece of creative was positive, some of our customers found it offensive, so we have removed it.”

The ad agency is still displaying their ad (be warned if you have motion sickness the spinning wheel may cause you to recreate the ad).
Related Post: New Microsoft Internet Explorer 8 Commercials