After doing what I said above, I ran into a problem with my code because it needed to be located in a root folder (to avoid having to modify the file locations in over 100 pages of script.)
Here's an even better solution.
STEP ONE: Create your WEB SITE.
a) Launch the Server Management panel.
b) Drill down to the "Web Sites" folder, located in Advanced Settings > IIS > ServerName (local computer). Right-click, choose "New", then choose "Web Site..."
c) Run through the wizard. (This is assuming that you've created your content folder, secured it, applied permissions, etc.)
STEP TWO: Create an ALIAS (CNAME).
a) In the Server Management panel, go to Advanced Settings > Services and Applications > DNS > ServerName > Forward Lookup Zones.
Right-click the local domain folder (servername.local) and choose New Alias (CNAME).
Follow the wizard, and use your "servername.local" domain as the FQDN.
The Alias name will be what you want to have as your local domain name. So, if you choose "webdev" as your alias, then you'll now be able to access your web site from "http://webdev/".