De IIS.net :
Ever since IIS7 shipped in Vista I’ve been asked the question: how can I install it on Windows XP? Until now, that hasn’t been possible. With the recent release of WebMatrix, you can now install IIS Developer Express - which is based on the latest IIS7x codebase - on any supported Windows operating system including Windows 7, Windows Vista SP1+, Windows XP SP3+, Windows Server 2003 SP2+, Windows Server 2008, Windows Server 2008 R2.
Eu usei isso no XP e é mais do que adequado para o que você está perguntando.