It sounds like "redirect" isn't the right word to use in your question. With one IIS server, you can create 2 web sites:
- The 1st site will have a host header of "domain1.net" with a physical path of "inetpub/www/frst".
- The 2nd site will have a host header of "domain2.com" with a physical path of "inetpub/www/scnd".
You can get details about adding host headers from MSDN here: http://technet.microsoft.com/en-us/library/cc753195(v=ws.10).aspx