two websites with same domain name

I have been asked to create a web site to run on a domanin which is already used for another web site.

I have set up IIS so that my new web site is located in the Default Web Site and the files are shown in virtual directory.

I was wondering if it possible to set up another web site with IIS which uses the same domain name, but just point at a different path. For example, the new web site would be www.new_web_site.com and the old web site would be  www.new_web_site.com/old_web_site.