Yes you can run them on the same machine (i do apart it's XP Pro), you will have to change either the apache port or the IIS port from 80 to something like 8081. Then when you browse you will need to enter the port number.
i.e. if you change apache to 8081 and you want to view your IIS files just use the [
localhost]. Then if you want your PHP (apache) pages use [
localhost]
I've do this, well the other way round but it works fine for me.