Even though those both seem to be "intranet" sites to you and me, My guess is that IE8 is giving your 127.0.0.1 site to you in compatibility mode and the
http://namedserver:88 in IE8 mode. The big clues to this are that firefox works on both and that it is getting messed up on the non-local server.
To verify, on the non-local server, set to "Compatibility View" and see if it matches your local version. If it does than this is your issue.
I've ran into this lately. IE8 by default shows local intranet pages in compatibly view.
You can change that setting in: Tools-> Compatibility View Settings-->Uncheck "Display Intranet Sites in Compatibility View.