Microsoft has released IIS 7.5 Express, a simple and self-contained version of IIS 7.5 that is optimized for developers.

IIS 7.5 Express enhances your ability to develop and test web applications on Windows by combining the power of IIS 7.5 with the convenience of a lightweight web server like the ASP.NET Development Server (also known as Cassini). IIS 7.5 Express is included with Microsoft WebMatrix, an integrated suite of tools designed to make developing web applications on Windows simple and seamless. IIS 7.5 Express can also be used with Visual Studio 2010 as a powerful alternative to Cassini. The benefits of using IIS 7.5 Express include:
The same web server that runs on your production server is now available on your development computer.
Most tasks can be done without the need for administrative privileges.
IIS 7.5 Express runs on Windows XP and all later versions of Windows.
Many users can work independently on the same computer.
This package installs only IIS 7.5 Express. For an integrated development experience, also install Microsoft WebMatrix or Visual Studio 2010.

  IIS 7.5 Express