Manny web developers know that very rarely do they only get to work on a single site at a time. Many times they find theirselves juggling between web sites. As each site becomes more complex (virtual directories, web site configuration settings, etc.), the task of switching between different sites becomes more time consuming. Now throw in the fact that you can only create a single site under Windows XP Pro, and you have frustration waiting to happen.
After looking for a bit, the sollution was found: IIS Admin. IIS Admin allowed for multiple site definitions to be created under Windows XP (with only a single site started at a time).
It can create a separate site for each project, all the configuration changes would be saved with that site, and to switch you just start a different site.