The IIS export utility available here might do what you want (not free, but does have a "trial mode"): http://www.adsonline.co.uk/iisexport/Wrapper.asp?Page=Documentation
If you want to parse it yourself, you can certainly try. Metaedit's export format isn't particularly human-readable. Each line is of the format:
id = unknown, attributes, user-type, data-type, data
This is basically the internal format of the metabase, rendered as ASCII. The id and name come from the Metabase schema, and are numeric identifiers. The metabase schema is broken down, in XML, in the "MBSchema.XML" file in the %SystemRoot%\System32\inetsvr folder on IIS 6.0 and newer installations.
- I'm having a bit of trouble figuring out what the first entry is after the id! If anybody knows, I'd love to hear.
- The attributes entry describes the inheritance behaviour of the setting, and is a bitmask.
- The user-type is an enumeration of types used to classify the type of the value by application (server, web application manager, etc).
- The data-type is an enumeration of types used to describe the type of the data (string, integer, etc).
- That "data" value is just the ASCII text encoded as a hex string, "Default Web Site", in this case.
You can find more about the enumerations here: http://msdn.microsoft.com/en-us/library/ms524578.aspx and here: http://msdn.microsoft.com/en-us/library/ms524825.aspx.
You could code something up to parse out the export from MetaEdit using the schema definitions in the MBSchema.xml file to make it human-readable. I'm not aware of anything that's been written to do that.