Hi
If we are working on asp.net mvc project and if we have to share the project with our team member for testing then we can host the application in local machine IIS, then we can share the running application URL to our team member.
For this task we can do like this
Step 1: Open IIS using Inetmgr from run window
Step 2: make ensure that IIS is working fine.
Step 3: Open the VS 2010/2012/2013 and create the Asp.net MVC application and make ensure that application is bugs free.
Step 4: Open the Solution explore and Select the application like this below Image

Step 5: then select the properties of application or press Alt +Enter
You will get the screen like this, then select the Web and Server as given below screen shoot

Step 6: Click on “Create Virtual Directory”. It will create the virtual directory in IIS 7.0.
Step 7 : Now go to the IIS 7.0 and Do like this image as shown below

Step 8: Click on browse option as shown as above image . You will get output running on localhost as given below image

Now you can share the above URL to your team member for testing.
I hope it will help to somebody who has not hosted the site in IIS 7.0
If you have any suggestion or good tips related with post then fell free to post the comment.