From MSMobiles, SkweezeIt is a free software for Windows Mobile 2003, 5.0 and 6 Pocket PC and Smartphone devices that can intercept URLs that will be opened from email or any other application in Internet Explorer Mobile and compress & reformat them through the Skweezer service before displaying them in IE. This is useful for saving bandwidth and time if the website that you are visiting is not optimized for mobile devices.
When you click a URL in any application to launch in IE Mobile, the utility will intercept the request and prompt whether you want to compress it or not through Skweezer.

Instructions:
1) Download SkweezIt here and save it under \windows or \storage\windows
2) Using a free registry editor, change the values of the below mentioned registry keys from iexplore.exe to skweezeit.exe

HKEY_CLASSES_ROOT\http\Shell\Open\Command (keep the %1 in this value)
HKEY_LOCAL_MACHINE\Software\Microsoft\Shell\Rai\:MSPIE

This may only work in an application unlocked Windows Mobile device.