Yes, IIS Express will run PHP applications.
Visual Studio can edit PHP files (and any other text files), but IIS Express does not add additional integration between PHP and Visual Studio, including debugging. Theoretically, you can create a project in Visual Studio PHP files and configure it to run from IIS Express, but debugging will not be available.
The WebMatrix IDE allows you to edit PHP files (and any other text files), but it does not allow you to debug PHP applications.
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