IIS6: set up different websites under http://mydomain/ and http://mydomain/website2

Question

I have a default website set up at the root in IIS6 so that when I go to http://mydomain.com, I hit that site.

I would like to set up a different site under http://mydomain.com/othersite.

Is this feasible at all? And if so, how?

I tried different combinations but could not get that to work. Also, I would like to have a different application pool for the new website.