You can perform this procedure using the user interface (UI) or a script.
Using the UI
Click Start and then click Control Panel.
In Control Panel, click Programs and then click Turn Windows features on or off.
In the Windows Features dialog box, click Internet Information Services and then click OK.
If you use Control Panel to install IIS, you get the default installation, which has a minimum set of features. If you need additional IIS features, such as Application Development Features or Web Management Tools, make sure to select the check boxes associated with those features in the Windows Features dialog box.
If you look at this article, there are ways to install any version from the media. It just requires changing one file and thus copying the media. So, the immediate answer is that you can't do what you want but with a little work you can.
I suspect the reason for this change comes from the way product keys are handled. With Vista you had to enter the product key before installing Windows. With Win7, you don't have to enter the product key up front. If users were allowed to choose what to install, they might choose ultimate and then find out 30 days later that their key is only for Home Premium.
Best Answer
Yes, from technet:
To Install IIS 7.5 on Windows 7
You can perform this procedure using the user interface (UI) or a script. Using the UI
If you use Control Panel to install IIS, you get the default installation, which has a minimum set of features. If you need additional IIS features, such as Application Development Features or Web Management Tools, make sure to select the check boxes associated with those features in the Windows Features dialog box.