You do not need to create folders.
The first site can run at http://localhost:1888/
and then you can add a site from the site settings page with the folder IT and it will work as http://localhost:1888/IT/Default.aspx
Are you working with the source code or a pre-compiled release package? I don't know where this MojoCms folder comes from but it should not be part of the url for the master site.
If you work with the source code, you just open the mojoportal_mssql_only.sln file in VWD, rebuild the solution and then if you launch the debugger it will run as a root level site by default.
Hope it helps,