Failed to access IIS metabase problem

When you install IIS AFTER .NET 2.0 framework, the rights of the ASPNET user had not been set correctly.

Repair (Uninstall if repair does not work for you) .NET Framework 2.0

Simply run the following from command line to reset the IIS registry settings for aspnet user. Usually framework directory for .Net Framework 2.0 resides under C:\WINDOWS\Microsoft.NET\Framework\v2.0.50727

C:\WINDOWS\Microsoft.NET\Framework\v2.0.50727\aspnet_regiis -i

Reference: http://support.microsoft.com/?kbid=267904

On Vista and VS 2005 check the shortcut to VS 2005, and make sure 'Run as Administrator' option is checked. If not check this option in Advance section.