Setting up host urls in IIS

The following was done in IIS7.

When you add a new website:
Site name: WhateverYouWant
Application pool: Pick the appropriate .NET pool
Physical path: Path to root (can be anywhere on you HDD)
Type: http
IP address: 127.0.0.1
Port: 80
Host name: whatever-you-want.com

Edit C:\windows\system32\drivers\etc\hosts

Add the following line:
127.0.0.1    whatever-you-want.com

Flush DNS in command prompt:
ipconfig /flushdns

Load the page in browser:
http://whatever-you-want.com