Microsoft Knowledge Base Article 311135 contains the following summary:
This article describes how to identify and apply Microsoft
updates and hotfixes after you install Windows 2000 Server and IIS on your
computer. You can use some Microsoft tools to help you check your system for
missing patches and then install them. Complete the procedures that are
described in this article after you install the operating system and after the
computer has access to the Internet.
It is important to understand that programs that are installed after all service packs and patches have been applied can require you to reinstall a patch and, in some cases, the service pack.