Lightest way to run IIS on Mac?
I use Parallels, and although their software was poor a few years back, it's now lightyears ahead of VMWare in stability and performance. Parallels Desktop 7 for mac is awesome.
My only computer is a MBP, yet I develop software for IIS. I run Parallels in Coherence mode, and I essentially have VisualStudio as just another mac app. And since I'm only running one app in the VM, it's way more stable than a normal PC install. I actually haven't rebooted it in 2 months so far!
Only caveat - you want to dedicate 2-4GB of ram to the VM to prevent paging, so you should try to get more than 8GB if you're a polyglot developer. Having multiple IDEs on multiple OSes can be heavy, and when you add the memory-hogging yet blazingly fast Chrome to the mix, you'll hit that ram limit often...
Follow this link (provided by @LexLi in a comment above) to know how to set up your MVC environment.
With regards to IIS, as far as I know it cannot be done. You should use the native web server of your operating system. IIS doesn't run on Mac, so I guess you should try Apache, and then install module "mod_mono".
Or if that gets too hairy, just use the standalone mono web server called XSP.
Or run FastCGI, or nginx.
It is all explained here: http://www.mono-project.com/ASP.NET