User rights required for IIS

Below are User Rights required for an IIS server:

• Log on Locally
  Administrators
  IUSR_ (Anonymous)
  Users (authentication required)
• Access this computer from the Network
  Administrators
  ASPNet (.NET Framework)
  IUSR_ (Anonymous)
  IWAM_
  Users
• Log on as a Batch Job
  ASPNet
  Network
  IUSR_
  IWAM_
  Service
• Logon as a Service
  ASPNet
  Network
• Bypass Traverse Checking
  Administrators
  IUSR_ (Anonymous)
  Users (Basic, Integrated, Digest)
  IWAM_

Reference: http://support.microsoft.com/kb/271071