I've spent the last 3-days trying to make this work. I've run Linux servers for years, but Windows IIS is new to me. I get the following message:
HTTP/1.1 New Application Failed

This is a new installation on a notebook running Vista64 Ultimate. I'm trying to create a local test environment for clients running IIS.
All the latest updates have been installed.
.NET Framework 3.5
Installed features/components
IIS6 Management Compatibility
Console
Scripting Tools
WMI Compatibility
Metabase and IIS6 configuration compatibility
IIS Management Console
Console
Scripts and Tools
Management Service
.NET Extensibility
ASP
CGI
ISAPI Extensions
ISAPI Filters
Server-Side Includes
HTTP Errors
Static Content
HTTP Logging
Logging Tools
Request Monitor
Tracing
Static Content Compression
Request Filtering
Windows Authentication
Application Pools Default
.NET Fw Version: v2..50727
Managed Pipeline: Classic
Identity: LocalSystem