How to component test web api using in memory hosting framework while web api still runs on iis?

I'm trying to create component testing project to test a web api service and I would like to use in memory hosting solution such as OWIN, I would like to know is it possible? and also is it possible that the web api project would run with IIS and only the testing project will run in memory? Is there any recommended in memory hosting framework?

Thanks in advance.