I've only just taken a quick look over your post, so I apologise in advance if this is wrong, but perhaps your CSS for
borderit should refer to <img />, rather than a class that 'encloses' the <img />, like so:
img.borderit {
border: 1px solid #FFFFFF;
}
img.borderit:hover {
border: 1px solid #DD0D75;
}
img.borderit:hover{
color: DD0D75; /* irrelevant definition to overcome IE bug */
}