We are doing embedded device and due to low memory contraints and closed enviroment best option there would be using one of TLS-PSK ChiperSuites (pre shared key - no asymetric cryptography). As far as I see there is no TLS-PSK support in Schannel http://msdn.microsoft.com/en-us/library/aa374757%28VS.85%29.aspx but is there any way to use TLS-PSK on IIS?
You are correct that the Microsoft implementation does not include TLS-PSK. I am not aware of any way to accomplish this, since IIS relies on Schannel. Schannel has a pluggable model, but it is only for cryptographic functions. That does not allow introducing new handshaking mechanisms.