IIS 7 and 7.5 can do NCSA format log files very easilly simply by changing the logging format. However, it doesn't write them in real time which is useless if you're trying to do real-time analysis of the log files.
IIS can do real-time log files through the Advanced Logging module, but this module doesn't seem to have any way to set NCSA log format.
Does anyone know if IIS can write NCSA formatted log files in real time?
I don't think this is possible out of the box (because the selectable fields are only W3C fields, no access to the NCSA date format for example). You would probably need to write your own logging module to accomplish this.
How "real time" do you need the logs? You can flush the log buffer manually using the command:
netsh http flush logbuffer
perhaps you can schedule that to run every 10 seconds or something, giving you near-real time access to the logs, without having to do a bunch of programming work?