Serve requests for subdomains to separate sites

Hi all,

Is there a way to have requests to subdomains have files served from seperate sites (in separate subdirectories)?

example:
A request to blog.mydomain.com should serve the page ./blog/default.aspx which has an img tag like

HTML:

<img alt="logo" src="/content/pics/logo.png" />

which should serve the ./blog/content/pics/logo.png file.
When I run the same site on my localhost the site will not be in a subdir /blog and the same page should still serve the correct image.

A request to beek.mydomain.com should serve the page ./beek/default.aspx with the same logic as above.

The two sites would have a different code base (blog from existing engine, beek from my own project)

I filed a ticket with this very same question where the advise was given to merge the sites and have the site redirect all request to the correct area.
Having a single application where requests are redirected by the application has several severe disadvantages.
Firstly this would require me to merge the code from the external blog into my own code. This is not an easy task.
Secondly if either of the code bases updates (which I expect to happen rather regularly) this would require me to do the entire merging thing again with all possible disasters attached.
Thirdly if ever one of the sites happens to becomes somewhat popular it will be extremely difficult to seperate them again.
Lastly having one application requires taking them down all at once if either of them needs maintenance.

Any suggestions?

I posted a related question here: http://superuser.com/questions/216030/requests-to-subdomain-should-point-to-subdirectory
Related ticket: 0E7-14869866-F142