I run it no problem...there's even an installer for it. If you don't have a certain ocx on your system, you'll have to manually configure IIS to use the php.exe for scripting. It's all in the install manual, or if you prefer, email me and I'll send you the ocx.
For some of the php extensions/libs, you'll need to download the binary distro and extract those libs and extensions and also configure your php.ini for them to work.
MySQL also runs beautifully for me on win2k.