2 IIS servers

We are purchasing new software which requires IIS 5.0 and will be linking to an SQL server. Currently I am running IIS 5.0 which I am using to host our Intranet website. The new software requires IIS to be installed on the same server as the software. We purchased a new server specifically for this software. Question is can I install and setup another IIS server in my internal network?? What kind of problems will I encounter, if any? Also does it make sense to have 2 IIS servers, other than theextra admin time needed to maintain?