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I don't think that account is used.<br />
By default the application pool uses the Network Service account which is used to running code, which is what the IWAM_ account was used for.<br />
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That said, the IWAM account has been replaced by normal service accounts. &nbsp;Network Service being the default, Local Service and Local &lt;something&gt; are also available defaults if you look at the logon screen in the application pool configuration. &nbsp; You can also over-ride these with any local or domain account.
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I don't think that account is used.
By default the application pool uses the Network Service account which is used to running code, which is what the IWAM_ account was used for.

That said, the IWAM account has been replaced by normal service accounts.  Network Service being the default, Local Service and Local <something> are also available defaults if you look at the logon screen in the application pool configuration.   You can also over-ride these with any local or domain account.

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The functions serviced by the IWAM account in previous versions of IIS is now handled entirely by the Network Service account.
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The functions serviced by the IWAM account in previous versions of IIS is now handled entirely by the Network Service account.

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I know that iusr_machinename account is replaced with iusr account in IIS 7.0<br />
What about iwam_machinename account? i could not find it on windows server 2008 machine. Is it removed or replaced with any other account?
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I know that iusr_machinename account is replaced with iusr account in IIS 7.0
What about iwam_machinename account? i could not find it on windows server 2008 machine. Is it removed or replaced with any other account?

is iwam_machinename account removed in iis 7.0

IIS is Internet Information Services, the web server included with Windows Server operating systems. All current versions are built on a modular architecture; modules can be added or removed individually so that those required for specific functionality are installed. The full installation of IIS includes HTTP, security, content, compression, caching, logging and diagnostics.

Microsoft IIS Web Server

Windows Server 2008 and Windows Server 2008 R2, based on the Microsoft Vista codebase, is the last 32-bit server operating system released by Microsoft. It has a number of versions, including including Foundation, Standard, Enterprise, Datacenter, Web, HPC Server, Itanium and Storage; new features included server core installation and Hyper-V.