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.
Just a thought but if you go to the website in IIS, click the Limits... link on the left, what are the connection limits set to? There is both a max bandwidth and max concurrent connections options there.
I would also go to the App Pool and click Advanced Settings... and check the CPU and Memory limits. Possibly even creating a new app pool from scratch with No Managed Code selected to eliminate it.