The RyanVM addon pack probably won't work with HFSLIP because it's just a directory full of hotfix binaries. If you want to use HFSLIP, I would recommend slipstreaming what you need instead.
Read more about stuff at
http://www.hfslip.org!
For Internet Explorer 7, the files you mentioned are simply hotfixes. You need IE7-WindowsXP-x86-ENU.exe which is the actual installer (see Microsoft's site). Place that in HF along with the hotfixes and you should be set.
Also, to slipstream WMP11, you must extract wmp11-windowsxp-x86-enu.exe using an advanced decompression program like 7-Zip or WinRAR and place the extracted files in a directory called "WMP11" inside HF.