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.
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"