IIS problem fix notes

Max, look in your machine.config file under the processModel element. Ensure that its username is set to "machine" and the password is set to "AutoGenerate" as this means that it is set up with the defaults.

If you've done that, and it's still not working, try running aspnet_regiis.exe from the 1.1 framework directory and restarting IIS. This should sync up the ASPNET password.

If it still doesn't work, you maybe modified the default permissions for the ASPNET account, so look at this KB article for info on the perms it needs:
http://support.microsoft.com/default.aspx?scid=kb;en-us;Q317012#4

If you're on a domain controller, look at this article:
http://support.microsoft.com/default.aspx?scid=kb;en-us;315158

If you're still stuck, try asking in the ASP.NET Forums (http://www.asp.net/Forums).