I have an ASP.NET MVC 4 app that I would like to run on a Mac machine. I would hate to run a full blown Windows virtual machine when all I really need is IIS7 to run the MVC
I recently used VirtualBox with a copy of windows home (free with "I don't have key") and installed visual studio on it (community version). And IIS Express works just fine, TFS repos work too.
Follow this link (provided by @LexLi in a comment above) to know how to set up your MVC environment.
With regards to IIS, as far as I know it cannot be done. You should use the native web server of your operating system. IIS doesn't run on Mac, so I guess you should try Apache, and then install module "mod_mono".
Or if that gets too hairy, just use the standalone mono web server called XSP.
Or run FastCGI, or nginx.
It is all explained here: http://www.mono-project.com/ASP.NET
Xsp is a alternative for IIS in Mac, that can run basic capabilities.
I use Parallels, and although their software was poor a few years back, it's now lightyears ahead of VMWare in stability and performance. Parallels Desktop 7 for mac is awesome.
My only computer is a MBP, yet I develop software for IIS. I run Parallels in Coherence mode, and I essentially have VisualStudio as just another mac app. And since I'm only running one app in the VM, it's way more stable than a normal PC install. I actually haven't rebooted it in 2 months so far!
Only caveat - you want to dedicate 2-4GB of ram to the VM to prevent paging, so you should try to get more than 8GB if you're a polyglot developer. Having multiple IDEs on multiple OSes can be heavy, and when you add the memory-hogging yet blazingly fast Chrome to the mix, you'll hit that ram limit often...