I got the exact same message you got, except for "Access is denied", which was translated to Dutch for me. I tried the same thing, and by granting full permission on the C:\Windows\Temp folder for "Network Service" account everything was solved.
Thanks for providing us with a working solution!
ps. My system is: Windows Vista Business 64bit in Dutch, OEM License on a HP laptop. I installed Visual Studio, then IIS, then I "repaired" VS to automatically register asp.net. Then I tried running a test page, which gave the above error.