Make sure you are a member of the administrators group on the local computer to perform creating site action.
and this video tutorial should helps:
http://learn.iis.net/page.aspx/372/serving-new-content/
Thanks
Sincerely
Microsoft Online Community Support
Andrew Zhu - MSFT
“Please remember to click “Mark as Answer” on the post that helps you, and to click “Unmark as Answer” if a marked post does not actually answer your question. This can be beneficial to other community members reading the thread. ”