[Страдалецъ]

А если так:

Код:

type
  TWebAgent = class(TThread)
   private
    Browser: TWebBrowser;
   public
    procedure Execute; override;
  end;

  TForm3 = class(TForm)
    WebBrowser1: TWebBrowser;
    Button1: TButton;
    Label1: TLabel;
    Timer1: TTimer;
    procedure Button1Click(Sender: TObject);
    procedure Timer1Timer(Sender: TObject);
    procedure FormCreate(Sender: TObject);
  private
    Web: TWebAgent;
  end;

var
  Form3: TForm3;

implementation

{$R *.dfm}

procedure TWebAgent.Execute;
begin
 Browser.Navigate('http:\\localhost');
end;

procedure TForm3.Button1Click(Sender: TObject);
begin
 Timer1.Enabled := True;
 Web.Resume;
end;

procedure TForm3.FormCreate(Sender: TObject);
begin
 Web := TWebAgent.Create(True);
 Web.Browser := WebBrowser1;
end;

procedure TForm3.Timer1Timer(Sender: TObject);
begin
 Label1.Caption := TimeToStr(Now);
 Application.ProcessMessages;
end;