Absolutally. Because IIS7 does not use .htaccess compatible rules though, it's not as simple as doing it in Apache or ISAP Rewrite.
This page here has all the details you need (due to IIS7's graphical nature, it's difficult to reproduce here). If you're into editing your web.config file manually, the correct procedure is:
<rule name="Canonical Host Name" stopProcessing="true">
<match url="(.*)" />
<conditions>
<add input="{HTTP_HOST}" negate="true" pattern="^example1.com$" />
<add input="{HTTP_HOST}" negate="true" pattern="www.example1.com$" />
</conditions>
<action type="Redirect" url="http://example.com/{R:1}" redirectType="Permanent" />
</rule>