<p>I'm new to development (an admin by trade) and I'm setting up my development environment and I would like to set up a CruiseControl.Net server on Server 2008.  A quick Google did not turn up any instructions for getting it running on IIS 7.0, so I was wondering if anyone had experience getting this set up.</p>

I have never tried on Server 2008, but I have installed CruiseControl.NET on Vista which includes IIS 7.0.  I don't remember there being any problems.  You do have an admin background which should help if something does pop up.
Just use the
CruiseControl.NET wiki
to get you thru the install and getting it setup.  That is all I did.