Microsoft IIS Virtual Directory: Host images on local server, show on local website

I am developing a website, and publishing / seeing results on my machine. I want to store images on a LAN server, that others may access on their local machine for website development. Next step is to create a virtual folder corresponding to physical location of the images. So that others can work on the website on their own machines, and access the images from one location.

I am new to IIS tools. How should I proceed, even in a general over-view that helps me figure it out?

It was suggested to me that this virtual folder in IIS should be a sub-directory of my working folder.