You can create additional web sites in IIS, you don't have to use the Defaullt Web Site at localhost.
You can run notepad as administrator then edit the file C:\Windows\System32\drivers\etc\hosts
note that hosts is the file name not a folder, it has no extension so when you browse for it with notepad you need to set it to all files.
then add a row in the file like
127.0.0.1 mojolocal
then you can create a new web site in IIS and set the ip address to all unassigned and set the host host name to mojolocal
then point the default web site to a different folder with basic settings and point the new mojolocal web site to the mojoportal installation. Make sure you use a compatible application pool like if using .NET 4 use a .NET 4 application pool.
This video may also help you
http://www.mojoportal.com/video-hosting-multiple-sites-based-on-host-name.aspx
Hope it helps,
Joe