I just installed QCubed 2.0.2 inside a directory named "framework" in IIS. I set
__DOCROOT__ to "C:/inetpub/wwwroot", __VIRTUAL_DIRECTORY__ to '', and __SUBDIRECTORY__ to '/framework'. Upon running "http://localhost/framework/" I got one suggestion from config_checker telling me to set __VIRTUAL_DIRECTORY__ to something else. I think the suggestion is not correct so I edited config_checker and commented out lines 121-126. Now my installation is working well.

Some newbie out there like me might benefit from my experience.