Okay, so you want this URL,
http://servername/webapp1 to point to the
\inetpub\wwwroot\webapp1 physical folder on disk,
http://servername/webapp2
to point to the \inetpub\wwwroot\webapp2 folder, and
http://servername/webapp3 to point to the \inetpub\wwwroot\webapp3 folder,
right? Now, you then need a copy of your code in each of these folders, and
I guess this is where your original question is very valid; can this be
problematic. Yes, it can, depening on which resources your application
accesses. If you access a database, your code should handle concurrency
issues, and you might want to go with optimistic concurrency. Having said
that, any Web application needs to handle concurrency issues as you can have
multiple users online simulteanously. In fact, just about all applications
need to cater for concurrency issues these days.
Now, the problem with the suggested setup is if you have any application
wide settings saved to application state, as this isn't possible across your
different Web apps. Well, at least it isn't possible without some quirks, if
you know what I mean. If you happen to save to a file on disk there are also
potential problems, because of locking issues.
I'm sure there are other things to look out for, but to keep it short, your
idea can work. Now that's out of the way, can you possibly tell me why you
want to do it this way?