VS .NET 2003 cant create new web project

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hi,
after install the .NET framework 1.1 and Visual Studio .NET 2003 Enterprise Architect. I can't create any new web application (ASP.NET web application)
it gives the following error message. It works for Windows Application
The Web server reported the following error when attemping to create or open the Wb project located at the following URL: 'http://localhost/WebApplication1'. 'HTTP/1.1 500 Server Error'.
What I am doing wrong? Please help!
-FrontPage Extension installed? => yes
-IIS installed? => yes
-Use IE to browsehttp://localhost/ => gives error message HTTP 500
-Use IE to browsehttp://localhost/postinfo.html => it works
-Use IE to browsehttp://localhost/iishelp/default.htm => gives error message HTTP 500
-Bypass intranet not use proxy in IE settings => yes
-re-installed the VS.NET? => yes. re-installed 2 times
-ASPNET account exists? => yes
thanks in advance if you can help me solve the problem.
Sun Liu

Sun,
Your local web server instance is failing to run the app which could be for several reasons but it's most likely a permissions issue. What OS and version are you running it on? Can you check the application event log just after getting the 500 error? What events are you seeing at that instant?
-Rich