It's not an error message that you see often when working with ASP.NET, but if you’re deploying to a new, clean machine, it can happen quite easily.

The problem comes around due to the order that components were installed on the machine, namely that The .NET Framework was installed before IIS. As a result, ASP.NET is not correctly configured to run. The easiest way to rectify this is to re-install ASP.NET with IIS.
aspnet_regiis –i
If you only require default settings then this is the easiest option. The Microsoft KB specified in the error message suggests the –ga switch, but that requires a little more knowledge of the Windows system as it requires you to specify the Windows User Account to run under (which is different between Windows 2000, XP, 2003, etc). Easier to simply use the –i switch!