I created a html file which when open in Interenet Explorer loads a
bunch of images from a couple of folders into the page. I used Windows
operating system to create and view this html file and images (gif's
and jpg's). My friend has Mac computer. We need to work with this file
together. The question is: if I save my html file and images on CD on
my Windows computer, can my friend open this html file from the CD on
her mac computer in mac Internet Explorer and images will load
correctly?

Yes - it will be loaded correctly. You have to use the correct folder
and file structure just like when you design a web site. And you need
a start page like index.html or index.htm - then every browser is able
to read that and it doesn't matter whether it is a Mac or PC. Internet
Explorer does work very similar on Mac and PC with similar results.

Regards - *C*