3D volume reconstruction from 2D slices using an IMU works well. See example in this topic:
You can only only track rotating motion (not translation).
IMU is well-suited for tracking endocavity ultrasound probes (for imaging prostate, uterus, cervix, etc.), as rotating them can cover a large 3D region.
If the probe is outside the body then the size of the 3D region that can be reached by rotating motion is quite limited. For these applications a 6-degree-of-freedom optical or electromagnetic tracker may be a better choice.