Can you install IIS on Windows 7 Home Premium?
Yes, from technet:
To Install IIS 7.5 on Windows 7
You can perform this procedure using the user interface (UI) or a script. Using the UI
If you use Control Panel to install IIS, you get the default installation, which has a minimum set of features. If you need additional IIS features, such as Application Development Features or Web Management Tools, make sure to select the check boxes associated with those features in the Windows Features dialog box.