This will do it similar to how Google does it. The link will only be seen in IE 5+, and only if the page that this code is on is not already the user's homepage.
This will only work on a live page:
Code:
<!--[if IE]>
<span id="hp" style="behavior:url(#default#homepage)"></span>
<a href="#"
onclick="var HomePage=window.location.href;
document.getElementById('hp').setHomePage(HomePage);window.location=window.location;return false;"
><script type="text/javascript">;(function(){var HomePage=window.location.href;
if(!document.getElementById('hp').isHomePage(HomePage)){document.write(''+
// Set Below to desired Link Text or Image Tag:
'Click here to make Dynamic Drive your default homepage'
+'')};})();</script></a>
<![endif]-->
Edit the highlighted part as needed.
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