The PHP installation manual instructs to specify doc_root in php.ini. You should also add NOT to specify doc_root if the web server is hosting multiple web sites. Otherwise, you will get weird results like a phpinfo page displaying and other php pages not displaying ( HTTP 404 - File not found - The page cannot be found). For example, if you add:
doc_root="c:\inetpub\wwwroot" in php.ini
and under c:\inetpub\wwwroot (which can be accessed by http://127.0.0.1/) you have 2 web sites http://MYIBM/ and http//MYSUN/ , you will be able to access their contents if you type http://127.0.0.1/MYIBM/ (instead of http://MYIBM/ ) and http://127.0.0.1/MYSUN/ (instead of http://MYSUN/ ) respectively.
Not if you remove the 127.0.0.1 binding to the wwwroot folder. This does not depend on PHP, this is a server setup which is not thought out properly.
Goba