Okay, assuming your website is up and you launch your webpage, you're likely to get a server 500 error.
If you're running Vista you will be provided with more details of the 500 error, however, if you're running 2008 Server then there is a distinct possibility you will receive no further information.
Note: this method will not make use of II7 integration mode, instead it will be running your website under IIS6 compatibility mode for IIS7.
Step 1:
II7 doesnt support the the traditional web.config file. You have to convert it. Here is how.
Open a new console window.
c:\windows\system32\inetsrv\appcmd.exe migrate config "website/virtual-directory"