Sure you can... all you have to do is download the Windows installers from mysql.com and php.net, and run 'em. This isn't the old days... these things work pretty much out of the box now. They will automatically create the proper IIS settings, though you will have to enable the mysql extension in the PHP.INI file (if I remember correctly).
And yes, you'll have to tweak the ini files to get the optimal setup, but I've been using both php and mysql on my Windows servers for years without a problem.
[edited by: Bluesplinter at 6:26 pm (utc) on Oct. 6, 2006]