Install a Loop-back Adapter in Windows 7 – Control Panel, Device Manager, right click Computer, add legacy device, Install Manually, Network Adapter, Choose Microsoft, Microsoft Loop-back Adapter, Next, Finish.
Assign an IP address to that network connection but do not add a default gateway.
Bind your new IIS website to that IP address on port 80 and add the https binding for that IP address using port 443.
Add the website name and IP address to your hosts file .
Open the website in Visual Studio.
REVISION: In Windows 7 and Server 2008 you can multi-home: Network and Sharing Center – Change adapter settings. Right click on your network adapter, choose Properties, double-click on “Internet Protocol (IPv4)” (or IPv6), then click Advanced, and you will be allowed to add multiple IP addresses. Then add the website name and IP address to your hosts file .