Ok - had a play with it and this seems to work well:
Edit: TEST PAGE
HTML:
<div class="portfolio">
<img src="images/wv.png" width="133" height="82" />
<h3>Smith Vision</h3>
<p>Website Redesign adhering to <acronym title="World Wide Web Consortium">W3C</acronym>
<acronym title="Hypertext Markup Language">HTML 4.01</acronym> standards using
external, embedded and inline <acronym title="Cascading Style Sheets">CSS</acronym>.
This website needed to remain with a red, white and blue colour scheme, though
needed to present an image of being the governing body of swimming in the
Missouri Valley region of the United States.</p>
</div> <!-- end portfolio div -->
<div class="portfolio">
<img src="images/mvs.png" width="133" height="82" />
<h3>Missouri Valley Swimming LSC.</h3>
<p>Website Redesign adhering to <acronym title="World Wide Web Consortium">W3C</acronym>
<acronym title="Hypertext Markup Language">HTML 4.01</acronym> standards using
external, embedded and inline <acronym title="Cascading Style Sheets">CSS</acronym>.
This website needed to remain with a red, white and blue colour scheme, though
needed to present an image of being the governing body of swimming in the
Missouri Valley region of the United States.</p>
</div> <!-- end portfolio div -->
<div class="portfolio">
<img src="images/tgci.png" width="133" height="82" />
<h3>The Gender Centre Inc.</h3>
<p>Website Redesign adhering to <acronym title="World Wide Web Consortium">W3C</acronym>
<acronym title="Extensible Hypertext Markup Language">XHTML 1.0</acronym> standards using external, embedded and inline
<acronym title="Cascading Style Sheets">CSS</acronym>. This website needed to present a professional image while keeping the information relevant,
current and include downloadable Kits & Fact Sheets, archive the Centre's history and magazine editions and keep the latest news and events
updated.</p>
</div> <!-- end portfolio div -->
CSS:
.portfolio h3 {margin-left:180px;margin-top:0;}
.portfolio p {margin-left: 180px;}
.portfolio {margin-top:20px; clear:both;}
.portfolio img {padding: 16px;border: 1px solid #bbb; margin: 0 0 0 16px; float:left;}
There's a couple of other issues you need to address.
You're menu and content blocks are overlapping just slightly - you'll need to reduce the widht of one or other slightly - check it out in FF web developer with outline block level elements.
Also - you're using ems to size the width of your menu items. Trouble is in a fixed width layout this breaks the page when you increase the font-size in IE. If you're using a fixed width layout then stick with px to size the menu item widths. Keep using % or ems whichever you prefer for the font sizing though!