Illustration on how to set up PHP 5.2.3 to connect to IIS 7

Double-Click Handler Mappings will bring you to this screen:

Alternate way to set up newer PHP version -or- PHP folder doesn't contain "php5isapi.dll"
You will need to uncomment this line in PHP.INI: fastcgi.impersonate = 1;

Once you are done you can either reboot or simply "Stop" and "Start" IIS7 again.