Well, I for one wouldn't use IIS (unless you can get mySQL and PHP working with it)
You would probably do better with Apache.
You also need PHP and MySQL set up and working with apache. Then just unpack the Vbulletin files somewhere in your htdocs directory, and go to the address of the setup module in a browser.
www.php.net www.mysql.com www.apache.org
There are plenty of docs on the sites.
Searching the Vb forums, I couldn't find anything about working with IIS though.
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