Yes
PHP 3 and 4 will happily run on IIS servers, the install is a bit whacky, it seems to work fine too, i have to use PHP on IIS at work, the only problem ive come across on a windows system is writing temp files with the PHP4 function session_start()
go to www.thickbook.com, they have a really good php4 book that explains how to set up PHP, MySQL and apache on windows put the PHP4 bin for windows has really good install instructions, if you install it on win 2k get ready for some mindbending install headaches tho ;0)