AI OnAI Off
EPiServer 4 was targeting IIS 5 and 6 with a completely different configuratoin scheme. I can't see any specific reason why it would not be possible configure it for IIS 8 but I have not heard of anyone doing this successfully or even trying.
I found this description of how to get it running on IIS7.
http://world.episerver.com/Modules/Forum/Pages/thread.aspx?id=12984
Perhaps it would be similar on IIS8.
Is it possible to install EPiServer (for development purposes) on Windows 8?
Do I need to configure IIS in any special way for it to work?