IIS 7 supports at least SSL 3.0, TLS 1.0 and higher.
In SSL/TLS, the version used for each connection is negotiated. The client sends a 'hello' message first which indicates the highest level of the protocol he supports. The server responds with his own 'hello', indicating the highest level he supports that's not higher than the client. In this way, the connection is made using the highest level of support in common between the client and server.
It's unlikely that modern clients would actually request SSL 2.0 (but sometimes they will request later versions with an SSLv2-compatible hello format).
In any case, this article describes how to disable older protocols in IIS 7:
http://support.microsoft.com/?id=187498