I have two machines at home, both Windows 7 Home Premium, and one of them is IIS enabled.
I want the other machine to connect to that IIS remotely, is that possible? If so, what tools will I need?
If you mean you want to be able to view the folder which contains the files IIS will serve up you'll need to share c:\inetpub\ (usually).
If you want to view the site IIS is serving up (assuming it is serving anything) you should just have to browse to that PC's name in IE or your browser of choice.
If you want to actually remote onto the PC running IIS (using RDP) you're out of luck as you cannot remote onto PCs running Home Premium or lower (you'd need Professional or Ultimate for that). An alternative to look into it VNC.
Hopefully one of these answered your question...