I think you just need to do the following:
- make your application an "application". to do that, go to your IIS manager, right-click your application to select Properties. then on the properties dialog window, select "create application..". Also, make sure that it is using version 2.0 of ASP. Select ASP.NET tab on that same dialog window, then select version 2.0.0 from the dropdown list.
- make sure that IIS and ASP.Net services are running. On your administrative tools, select Services and then find the ASP service and all the IIS services.
I don't have an IIS on my computer right now, so I am not sure if the names/titles of the items I mentioned above are exact.
If you have further questions or if that didn't help you, just let me know. Thanks.