IISAdmin to the Rescue
I've always gone through the trouble of setting up a separate full-blown Windows 2003 Server here in my office for doing development work. The reason being that I didn't want to test on the production server, deal with FTP lags when uploading constantly changed files, and I like to keep my sites clean. I don't like testing in a base wwwroot directory and either setting up tons of subfolders or constantly clearing the wwwroot directory to get a site in the root.
I mentioned IISAdmin a while back, but never actually got it installed and working. Well I wiped my machine yesterday and got rid of a bad Media Center installation and went back to standard XP. I installed IIS and then installed CF5, CFMX 6.1, and CFMX7. I set up a separate site for each, and I can then use IISAdmin to easily switch sites to test in the right server. Awesome little tool, and the perfect price, free