<p>Is there some way I can use URLs like: </p>

<p><em><a href="http://www.blog.com/team-spirit/" rel="nofollow noreferrer">http://www.blog.com/team-spirit/</a></em></p>

<p>instead of</p>

<p><em><a href="http://www.blog.com/?p=122" rel="nofollow noreferrer">http://www.blog.com/?p=122</a></em></p>

<p>in a Windows hosted PHP server?</p>

This is how I did it with WordPress on IIS 6.0
http://www.coderjournal.com/2008/02/url-rewriter-reverse-proxy-iis-wordpress/
However it all depends on what version of IIS you are using.  If you are lucky enough to use IIS 7.0 you don't really have to worry about pretty urls because everything is supported out of the box.  However if you are using IIS 6.0 you are going to have to use a rewriter and some rules to force the IISness out of IIS.