Yes, but keep in mind that Vista's IIS 7 does not support the FrontPage
Server Extensions because of it's new architecture. That means features that
rely on them can't be tested locally, you'll have to publish them in order
to test them.
"I'm pleased to announce that we have released a beta version of the FPSE
extensions for IIS7. We partnered together with Ready-to-Run Software to
update the FPSE extensions to enable them to work with IIS7 on Windows Vista
as well as the latest Longhorn Server Beta 3 release.