UPDATE 11/2/2010: You don't need to do this anymore, as the Windows Phone Developer Tools now install a link in the Start menu that launches the Emulator directly.

If you are developing a mobile Web app and want to test it out in the Windows Phone emulator running IE Mobile, you don't need to launch the Windows Phone developer tools with a dummy project each time and hit F5 just to click on the IE icon in order to get the browser running.

Create a shortcut icon, right-click it and choose Properties, and set the Target field to:

"{Install Drive}:\Program Files\Microsoft XDE\1.0\XDE.exe" "{Install Drive}:\Program Files\Microsoft SDKs\WindowsPhone\v7.0\Emulation\Images\WM70C1.bin"

Then you can just use this shortcut to launch the Emulator as a standalone image each time and start the browser.

Enjoy!

Joe Marini
Principal Program Manager
@joemarini