Windows 7 Home Basic does not have the full features of IIS according to this.
How can I use all the features of IIS on my computer? Is there any way to install the IIS Management Console?
You can download IIS Remote Manager to remotely manage another IIS server.
However, from what you have said, I think you are actually looking to install IIS on your machine and not just the manager.
IIS on non server machines is very limited in comparison (e.g. 10 concurrent connections), and not really recommended for much other than testing environments.
I would recommend that you either download Visual Studio 2010 Express or get Visual Studio 2010 Web edition through the Web Platform Installer. This comes with Cassini / ASP.Net Development Server which is basically (not exactly, but close enough) the same as IIS and will allow you to host and run ASP.Net Applications.
Alternatively, Cassini can be download here and be run without using Visual Studio.
If this doesn't work for you and you do not want to change your edition of Windows, you can always download Microsoft Virtual PC and an evaluation copy of Windows Server 2008. This will allow you to run the full version of IIS and use the extra abilities of a virtual machines such as taking snapshots - which REALLY helps in evaluation environments.
Hope this helps.
An even better solution now is to use IIS Developer Express which is based on IIS 7.5 and includes all the new features like URL Rewrite, Request Filtering, Integreated Pipeline and more. It is free and it only takes 8MB (if you install the new ASP.NET Razor and SQL CE it will be 12MB)
You can get it using WebMatrix http://www.microsoft.com/web/webmatrix/