Here is the step that i took.
1. go to http://cmyip.com - You will need to type in this ip in the url to see your website
2. go to your router and port forward your webserver's local machine dynamic ip (192.168.1.x). Go and run cmd. Then type in "ipconfig".
3. go to your IIS manager
4. at your default webserver, right click and make it run.
5. make sure that the directory is pointed at c:\inetpub\wwwroot
hope this helps. FYI: i'm running server 2008 but it wouldn't make much difference.