Testing using ASP.NET using IIS Express (if you don't have a server version of the Windows OS)

This works with the Microsoft Web Platform installer
http://www.microsoft.com/web/downloads/platform.aspx

IIS Express is a lightweight, self-contained version of IIS optimized for developers. IIS Express makes it easy to use the most current version of IIS to develop and test websites. It has all the core capabilities of IIS (i.e. support for ASP.Net) and above as well as additional features designed to ease website development including:

• It doesn't run as a service or require administrator user rights to perform most tasks.
• IIS Express works well with ASP.NET and PHP applications.
• Multiple users of IIS Express can work independently on the same computer.

http://www.iis.net/learn/extensions/introduction-to-iis-express/iis-express-overview
http://www.microsoft.com/en-gb/download/details.aspx?id=34679 (Link to IIS Express 8.0)

Where can the IIS Express configuration / metabase file be found?

The configuration file is called applicationhost.config It's stored here:
My Documents > IIS Express > config
 

IIS Express does not come with a IIS Admin Management Console. However, there is a user contributed IIS Express Manager
http://iisem.codeplex.com/