IIS rewriter rule rewrites 404 responses

Question

I'm trying to configure IIS7 outbound rewriter rule to react on 404 HTTP statuses. I mean is this even possible to force IIS to catch 404 statuses and redirect browser to other location. Example: If on my website some images are missing I want to redirect output to the default location where image exists for 100%. Is this possible with IIS7 and rewriter rules? Thanks