Hi Mike,
I would recommend that you deside initially where you want to run your DNN. If under LiveArts360Dev.com or localhost/LiveArts360Dev.com - Then setup IIS accordingly and run the DNN install from there.
If you want to make mandeeps work, you will have to set it up under localhost/LiveArts360Dev.com.
BTW, I don't understand when you say "IIS will not let me enter 'localhost/LiveArts360Dev.com'" - What happens? An error or something? I would need more info on this.
Best regards,
Aderson