MOSS 2007 / SharePoint: Rich Text Editor not working in Internet Explorer

Problem:
When editing a wiki the rich text editor doesn't show up in Internet Explorer (never works in FireFox). The whole toolbar is missing so you just see a bunch of garbage MSO HTML tags.

Solution (works on my machine):
If you are on Windows 7 using Internet Explorer x64, try loading up the page in Internet Explorer 32 bit.