Here is a blog post that explains what you are seeing:
http://blogs.msdn.com/b/tmarq/archive/2007/07/21/asp-net-thread-usage-on-iis-7-0-and-6-0.aspx
and companion post
http://blogs.msdn.com/b/tmarq/archive/2010/04/14/performing-asynchronous-work-or-tasks-in-asp-net-applications.aspx
In integrated pipeline mode, using the default configuration, IIS7 places a limit of 12 concurrent REQUESTS (not threads) per CPU. You can change this by modifying the configuration.
I couldn't let it go. I'm pretty sure this is what you're seeing. Deep diving into the article, I don't really like the change they made because it clearly causes problems like this, but who am I to judge!