URL Rewrite module is one of the important modules in IIS. It enables you to achieve critical tasks by defining rules to be executed for the incoming requests to your website.
Some of the tasks you can achieve using this module are:
Enforce lowercase URLs (Search Engine Optimization)
Canonical domain name (Search Engine Optimization)
URL Rewrite module may not be installed on your windows server by default (yes, that is why you can not see it in IIS right now:)), so in order to use its capabilities first you need to download and install it. (Microsoft URL Rewrite Module 2.0 for IIS 7 (x64))
I have checked that this Rewrite Module works for both IIS 7.0 and 7.5.
After installing the module, restart your IIS Manager and click on your website under the “Sites” node. If you see the URL Rewrite Module symbol (shown below) in the window on the right under IIS section, then you are ready to go.
Now you can start using the capabilities of this module.
Hope you find this info useful.