There is no direct way of implementing rewrite rules in Microsoft IIS.
Plugins are required for the procedure.
ISAPI_Rewrite is the best IIS plugin found, that implements rewrite rules.
It is compatible with Apache's mod_rewrite.
ISAPI rewrite product website: http://www.helicontech.com/isapi_rewrite/
Reference: http://weblogs.asp.net/scottgu/tip-trick-url-rewriting-with-asp-net