I've a ASP.NET MVC 2 project that runs fine under Windows 7 and will start on Windows XP if I use the Visual Studio Development Server, however, starting under IIS generates an error:
Unable to start debugging on the web server
With the message
The specified procedure could not be found
No errors in the system event viewer.
If I start without debugging I get an "HTTP 500 Internal Server Error"
The reason I run it under IIS is the project also includes some WCF wsHttp web services that use certificates, so the VS Development Server is not adequate for hosting those.
I have already seen the links on SO that talk about adding the wildcard mapping. I've already done that, just as I've done on Windows Server 2003 where I successfully host ASP.NET MVC RC2 for quite a while.
See if this helps - its possible but not ideal:
http://blogs.microsoft.co.il/blogs/dorony/archive/2007/12/15/using-asp-net-mvc-on-iis-5.aspx