I found the answer. There is a utility called
netsh http add iplisten ipaddress=xxx.xxx.xxx.xxx
By default there are no IP addresses on the list, so IIS7 will bind to all IP addresses. If you add one IP to the list, it will listen to just that IP or any IP added to the list. It is necessary to restart IIS7 for the change to take effect.
To list the IP addresses, type the following command after the IP address is added:
netsh http show iplisten
netsh utility returns the following information:
IP addresses present in the IP listen list: xxx.xxx.x.x