Can I install SQL Server and IIS on Windows 8.1 professional Edition, and run it as a web server?
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How about Microsoft Server Essentials 2012 R2?
Yes. But there are connection limitations with IIS on workstation editions of Windows:
http://weblogs.asp.net/owscott/archive/2012/11/13/windows-8-iis-8-concurrent-requests-limit.aspx