Hi Ashley, and welcome to WebmasterWorld :)
I don't mean to overload you on your first visit, but the problem was really interesting, so may have probed a bit deeper than needed. I hope not - and let me know if this helps, or you'd like the short version ;)
The social icons are on the <li>>st items, while the dashed line is the border-bottom for the div contain the <ul>. The containing div is div class="social" with a total height of 20px, and ie7 is obeying that height so the div is not expanding to contain the taller list-item content. Well, that's one reason ;)
Others will have different suggestions, but a fast and easy way to avoid drilling through the code that does not affect other browsers is to change the div.social's height. Something like:
.socal {height:auto}
Put that rule in the last stylesheet that's being imported, or into the inline style-sheet - somewhere it will be read after the earlier rule that sets height:20px.
The repeating "es" seems to be a "duplicating characters bug" that was supposedly fixed in ie 7. Fascinating to see it in action!
In case my explanations wouldn't make sense, this is what you have in your html:
<div class="footercopyright">
<p> ......websites.</p>
</div> </div>
</div> <!-- /block --></div>
<!-- end region --> </div>
</div>
<!--end framework container-->
... and the "es" of "websites" is being painted out a second time below the para.
The cause of this will be found in the code, but again, unless you want to unpack it all, one "fix" is to place an element at the end of the para and then hide it using display:none. As this is ie7 specific, even better hide the whole thing using a conditional comment like this:
<div class="footercopyright">
<p> ... websites. <!--[if IE 7]> <i>End</i><![endif]--> </p>
</div>
And add
.footercopyright i {display:none} to your css
More commonly suggested methods are to remove comments, or set the element to display:inline, but neither worked here. (Note that removing the HTML comments in turn caused more and more pairs of letters to be duplicated - very entertaining :) )
I would emphasise these solutions are "hacky", not "best practise" and not something I'd "recommend". But I've assumed one of your goals is to avoid spending hours and hours unpacking and re-writing the code (I hope I have the correct), so I've suggested them because they do provide a quick and simple fix.
Finally, I had some error messages about a dangling combinator in one of the jquery files. The css validator didn't identify the issue, instead complained about an invalid seperator. These will also be helping to create your issue - but best I can tell the above fixes still work.