Absolutely. IIS 7.5 is included in Windows Server 2008 R2, which will be supported until at least 2015 (2020 for extended support)

Clearly not the server to which would originally have been deployed. Someone is actively maintaining it.

Hosting is by hostgator

192.185.7.203

203.7.185.192.in-addr.arpa. 3600 IN PTR pss010a.win.hostgator.com.

welp, may as well scan for open ports and look for vulnerabilities

On a large commercial shared host... Okay. I have a client who is hosted on hostgator, if you find any issues let please let us know!