>(a) you can do a rewrite to a completely different domain name.
>(b) a domain name can only point to one IP address but one IIS web site can handle multiple IP addresses (thus multiple domain names) - open the property page for the web site, 'Web Site' tab, Advanced button and add additional IPs from there.....

Thanks, I have found the location of where to apply the settings.

Now, considering the fact that I already have in place the mechanism to deal with the URL received, I don't even think I need to do a URL rewrite procedure. I will follow up with a resolution later.