After hours of hunting around on the internet I found a solution to getting ReCaptcha to show up on WP-Members 2.5.4 in IE8 and less.
In the wp-members/wp-members-dialog.php file comment out
<!--<div id="recaptcha_div"></div>-->
<script type="text/javascript">showRecaptcha('recaptcha_div');</script>
Then right below the code above place the code below:
<script type="text/javascript">var RecaptchaOptions = { theme : "red", tabindex : 2 };</script>
<div class="recaptcha"><script type="text/javascript" src="https://api.recaptcha.net/challenge?k=YOURPUBLICKEYHERE"></script>
<noscript>
<div><object type="text/html" data="https://api.recaptcha.net/noscript?k=YOURPUBLICKEYHERE" style="width:300px;height:57px;border:0;">Captcha Test</object><br />
<textarea name="recaptcha_challenge_field" id="recaptcha_challenge_field" rows="3" cols="40"></textarea>
<input type="hidden" name="recaptcha_response_field" value="manual_challenge" />
</div>
</noscript></div>
Make sure to replace “YOURPUBLICKEYHERE” with your ReCaptcha public key and make sure you have “Use ReCaptcha” turned on in your WP-Members settings with your Private and Public keys entered. Since we are now using ReCaptcha manually you will have to change your theme above. I am using the “red” theme.