I could run a Windows Service hosted WCF service listening http://localhost:80/MyService while IIS was serving pages on http://localhost:80 and bot
http://localhost:80/MyService
http://localhost:80
HTTP.sys makes this possible. From the article:
...because WCF and IIS 6.0 both use the kernel-mode HTTP stack (HTTP.sys), IIS 6.0 can share port 80 with other self-hosted WCF services running on the same machine...
HTTP.sys acts as a port-forwarding service, for HTTP (port 80) traffic.