Moving WordPress « WordPress Codex:
'via Blog this'
There is one quick addition to this article on Wordpress. If your site has a different version of PHP than your webserver then you can change the PHP version in IIS PHP manager for various sites on the server. This way, you can host more than one version of WP/PHP on the server.
It may not matter which order you install PHP.
http://blogs.msdn.com/b/brian_swan/archive/2010/08/30/managing-multiple-php-versions-with-php-manager-for-iis-7.aspx
Try this fix for Getting your Permalinks to work without Mod ReWrite
http://codex.wordpress.org/Using_Permalinks#Permalinks_without_mod_rewrite