Profiling on IIS 5 is pretty simple, but the web app has to be configured in IIS first. So if you have set up a binding for port 2258 on the default website in IIS Administrator, and added the MVC app's directory as an application in IIS, and it works in IIS without the profiler, you should be able to profile it.
If you have the binding to port 2258 set up, all you should need to do is set up the MVC app's folder as an application by right-clicking it in Windows Explorer and using the item to add it to IIS (I think it's called Web sharing in XP) and I think there is an option to make it an application rather than a "virtual directory".
After doing this, you should be able to open a web browser and go to http://localhost:2258/yourapp
and if that works, you should be able to profile it.