Enable Re-key on your Certificate
If you have a new certificate, you can probably key it immediately, but if you're using an existing certificate you need to contact GoDaddy Customer Support and ask them to allow you to re-key your certificate. They usually respond and enable it within a couple of hours.
Generate a Certificate Signing Request
IIS Manager -> Your Webserver -> Server Certificates -> Actions -> Create Certificate Request...
Match the Common Name and Organization information with what you find on your certificate within GoDaddy's control panel, typically they will both be xxx.yourdomain.com.
I believe for Organizational Unit, you can choose anything you'd like the first time around, but you must match it if you're re-keying a certificate.
Create the SSL Certificate
Copy and paste the contents for your newly create CSR file into the GoDaddy re-key control panel, making sure to choose IIS. Your certificate will be generated. Download the zip file which contains your certificate and the GoDaddy intermediate certificate file, both of which you'll need.
Install the GoDaddy Intermediate Certification Authority
Run -> mmc -> File -> Add/Remove Snap-in -> Certificates -> Computer Account -> OK
Right-click Intermediate Certification Authorities -> All Tasks -> Import -> Select the GoDaddy Intermediate Certificate file.
Complete Certificate Request
IIS Manager -> Your Webserver -> Server Certificates -> Actions -> Complete Certificate Request...
Browse to your GoDaddy certificate from the zip file.
Add IIS Binding
This part threw me for a loop, it wasn't necessary in II6.
IIS Manager -> Your Webserver -> Your Website -> Actions -> Bindings...
Edit your https binding, or add it if it doesn't exist (https, All Unassigned, 443). Choose your SSL Certificate and click OK!
Happy Secure Surfing!