Above error can occur if you have installed Microsoft Dot Net Framework before installation of IIS server on your local machine like windows XP. There are couple of work around available on the internet to solve this problem but they are just work around not the permanent solution. One of them is to add ASPNET user in your local administrators group and restart the IIS server. As soon as you will restart your IIS server they Microsoft Dot Net enabled applications will start working under IIS server but this will put your system under a big security risk.
Error with full description is given as under:
Description: An unhandled exception occurred during the execution of the current web request. Please review the stack trace for more information about the error and where it originated in the code.
Exception Details: System.Web.Hosting.HostingEnvironmentException: Failed to access IIS metabase.
The process account used to run ASP.NET must have read access to the IIS metabase (e.g. IIS://servername/W3SVC). For information on modifying metabase permissions, please see http://support.microsoft.com/?kbid=267904.
