The Web Platform Installer (Web PI) is a simple tool that installs Microsoft’s entire Web Platform, including IIS7, Visual Web Developer 2008 Express Edition, SQL Server 2008 Express Edition and the .NET Framework. Using the Web Platform Installer’s user interface, you can choose to install either specific products or the entire Microsoft Web Platform onto your computer. The Web PI also helps keep your products up to date by always offering the latest additions to the Web Platform.
New Updates! Now supporting Windows XP and Windows Server 2003, Web PI makes it easy to install and stay up-to-date with the Microsoft Web Platform. This updated release lets you install ASP.NET MVC, Visual Studio Tools for Silverlight, and much more!
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The description states
And it supports Windows Server 2003 and XP. Does this mean IIS 7 will be installed on Windows 2003 and/or XP?
XP supports IIS 5.1 and 2003 supports IIS 6.0.WebPI will install the supported IIS version on each OS.IIS 7 will only be installed on Vista and Win2k8.