Daniel,
Sorry about the delay in getting back to you.
To answer the last question first: Yes - you can just load balance multiple physical servers as one solution. Of course you need to manage both sites and connect to a database server. There are trade offs with multiple physical servers... you need to have shared network access and you will probably have multiple copies of the application to manage.
Getting back to the single box architecture.. I would consider creating a number of sub-sites to your main one:
www.mydomain.com/site1/user.wgx, www.mydomain.com/site2/user.wgx, ... as many as you have processors.
Since you are already 'soft-landing' your users on a logon page, your redirection code can just pick one of the sites to redirect to (randomly or by some algortithm).
Each of the 'sites' are just virtual directories under IIS, and each one will point to their own application pool. So you will have as many application pools as you have sites. When you configure these virtual directories, you can just point to the same physical location - so there is only one copy of the VWG application, only one web.config file, etc. Since they are different virtual directories, IIS and the VWG Server will see them as different applications.
At run time, each virtual directory (or web application) will run as a separate process (via the application pool) and have their own copy of static variables.
This architecture appears to work pretty well for us.
Hope that makes sense. If you want to chat about it.. just email me at mitch@hrtms.com
Mitch Stephens