Is it pure ASP or .Net (ASPX)?
Have you been able to identify a page that is causing the problem?
On the server tab, click on Worker Processes, and then right click on the app pool. Select view current requests.
It would look something like this. Is anything running when the cpu hits 100? Monitor your site during the day and see if you have requests that never end.
Are you seeing any errors in the IIS logs or the HTTPERR logs (C:\Windows\System32\LogFiles\HTTPERR)?
Next I would use Process Monitor to see if w3wp.exe is in a pure loop or if it is trying to access some file or registry entry. Set a filter for "process name is w3wp.exe".
https://learn.microsoft.com/en-us/sysinternals/downloads/procmon