View current requests in IIS 7
This post is from 2010 and kept as an archive. What it describes may have changed since.
In IIS 6 I used IIS Tracer to view to current requests on my webserver. Running IIS Tracer on a Windows 2008 server x64 with IIS 7 it did not work. So I searched a bit and found this page: http://technet.microsoft.com/en-us/library/cc732518%28WS.10%29.aspx. It shows how you can monitor the current requests in IIS7 using build in features only. It is not feature rich as IIS Tracer, but a good alternative anyway.