The title sums it up nicely but yes, after migrating a Wordpress site from my Dreamhost server to personal Windows VPS running IIS7, everything outside of the home page is being treated as a REAL directory (i.e. homepage.com/about) and not a virtual one and so the server returns a 404 - File or directory not found.
What do I need to do to tell IIS this is mostly a dynamic site and not static.
Add the URL Rewriting extension: http://www.iis.net/downloads/microsoft/url-rewrite
You'll need to convert your rules from Apache's mod_rewrite format to IIS's regular expressions, if you're using PHP's PATH_INFO then this is easy.