This is working for me on Windows 2003 server.
I just installed ASP.NET AJAX, it returned error 404 for scriptresource.axd. I went to website properties, Home Directory, Configuration, .axd Extension was missing. Clicked Add, set Executable to c:\windows\microsoft.net\framework\v2.0.50727\aspnet_isapi.dll, Extension to .axd, Limit to GET,HEAD,POST,DEBUG, checked Script engine, unchecked Verify that file exists.
Now it is working fine and returns javascript code on Scriptresource.axd request.