How to install the CA Root Cert, and not the Website Cert: (IE8, Win7)
When you bring up the certificate details you are looking at the website cert, and not the CA cert. The General tab will say, "This certificate cannot be verified..." You need to select the CA by clicking on the Certification Path tab, and selecting the top most cert in the path. It should have a red X icon, and should say, "This CA Root certificate is not trusted because..." Click the View Certificate button, and on this new General tab you should see, "This CA Root is not trusted..." This is the certificate that you want to import into the Trusted Root Certificate Authority.
Once you have imported the CA, you do not need to import the regular website cert. That cert will get matched up to the CA you just imported, and IE will treat everything as working normally. You do not need to run IE as Admin, and you do not need to add the site to trusted sites first. You do need to restart IE after the import.