Situation: Classic ASP application, using a custom Application Pool. Default settings.
On some IIS7 machines, IIS decides to serve only one page at a time.
In IIS manager click on the application in the tree.
Double click ASP under the IIS section.
Expand "Debugging Properties"
Ensure both "Enable Client-side Debugging" and "Enable Server-side debugging" are set to false.
When debugging is enabled ASP is limited to processing one request at a time in a single threaded manner.