The benefit of using the MMC

As I've mentioned before, using MMC (Microsoft Management Console) will make it easier to administrate all your environments,

Note: It is only compatible to one version, running BizTalk 2010 and 2009 at the same time will not work

This is what you should have installed.

SQL Server Management Studio
I use this alot to work towards the BizTalk SQL to make my own queries.

Administration Tools Pack
This will give me the required tools for the MMC console.
Can be located here:

Windows XP: http://www.microsoft.com/downloads/en/details.aspx?FamilyID=c16ae515-c8f4-47ef-a1e4-a8dcbacff8e3
Windows 7: http://www.microsoft.com/downloads/en/details.aspx?FamilyID=7d2f6ad7-656b-4313-a005-4e344e43997d
Windows Vista: http://www.microsoft.com/downloads/en/details.aspx?FamilyId=9FF6E897-23CE-4A36-B7FC-D52065DE9960&displaylang=en  

IIS
Installing IIS on the local computer will give the the IIS functionality in MMC

BizTalk Administration Tools
Also include the WCF option during installation.
This is all you need as for now. Remember to not install the entire SQL or BizTalk this will aggregate license costs.

When this is done you need to reboot your computer.

What you need to do now is to hit start choose run and write MMC. A MMC window til show up now save the new window under C: somewhere, in my example i stored it under C:\BizTalkApps\ and named it BizTalkAdministration.mmc.

Create a new shortcut on the desktop. Here's the values for the target:
runas /user:<domain>\<username> "C:\BizTalkApps\BizTalkAdministration.mmc"

For me this would be:
runas /user:ts\admin_tord "C:\BizTalkApps\BizTalkAdministration.mmc"

When you now start the new shortcut created on the desktop a DOS window appears and ask you for a password, type it and the MMC console opens up. As you can se its still blank. Choose File -> Add / Remove snap in. Add all the elements you want. And your done.