The following code speaks for itself:
CSS:
span.melp { color: red; }
span.zwik { color: yellow; }
span.melp.zwik { color: blue; }
HTML: <span class="melp">a red bicycle</span>, <span class="zwik">a yellow bicycle</span>, <span class="melp zwik">a blue bicycle</span>
IE/Win (only tested on version 6) will also apply the last rule on the span that has only class "zwik" set.
Example:
a red bicycle,
a yellow bicycle,
a blue bicycle
Note that in CSS1 only one classname is allowed as a selector, as of CSS2 matching can be done on multiple class-selectors. It may be the case that the latter was just not implemented in IE/Win, so technically this may not be a bug but just another shortcoming of Internet Explorer.