Thankfully there’s an add-on for IE7 called “IE7 Open Last Closed Tab” which will remember what tabs you’ve recently closed so that you can quickly re-open them.

After installation, you’ll notice that there’s nothing different in the UI whatsoever… but there are two new shortcut keys.

Alt+X will restore the last closed tab. Alt+Q will bring up a screen to let you visually choose from the recently closed tabs:

Download IE7 Open Last Closed Tab from windowsmarketplace.com