Recently I've faced a peculiar problem.Lets discuss how it started :-)
For my project purpose I need to install VS.NET 2003 and as I've already already have VS.NET 2005 and VSTS 2008 in my system hence I need to uninstall them first and then install Visual Studios in ascending order of versions i.e. 2003 first, then 2005 and so on.
But after do all the installation while I had created a new virtual directory for my current project and trying to browase from inetmgr then I found the irritating error "Failed to access IIS Metabase problem"
First I again uninstall and then install IIS ---- but the problem still there.
Then as per the nature of the problem I think
The Possible Cause might be that when you install IIS AFTER .NET 2.0 framework, the rights of the ASPNET user had not been set correctly.
Then I do two things
1.Go to c:\Windows\System32\and after right clicking inetsrv folder I went to the security tab and add ASPNET user there and give the full right.
2. Run from the VS.NET 2005 command prompt
c:\Windows\Microsoft.NET\Framework\v2.0.50727\aspnet_regiis -i
Eventually the problem has solved
Ref:
http://support.microsoft.com/?kbid=267904
http://social.msdn.microsoft.com/Forums/en-US/asmxandxml/thread/f213cd49-0143-46a8-95cf-88c80d5d1d34/