Solution by Dietward Yska

MS KB Article ID : 332097

If you view permissions on the following folders, you will see that the IIS_WPG and the NT AUTHORITY\NETWORK SERVICE groups do not have permissions on these folders:
systemroot\Help\IISHelp\Common
systemroot\System32\Inetsrv\ASP Compiled Templates
systemroot\IIS Temporary Compressed Files

RESOLUTION
Manually set permissions on the folders
1. Click Start, click Windows Explorer, double-click My Computer, double-click the system drive (this is typically drive C), and then double-click WINDOWS or WINNT.
2. Double-click Help, double-click iisHelp, right-click common, and then click Sharing and Security.
3. Click Security, click Add, type IIS_WPG, and then click OK. 4. With IIS_WPG selected, click to select the following check boxes, and then click OK:
Read and Execute
List Folder Contents
Read
5. Open the Sharing and Security dialog box for the systemroot\system32\inetsrv\ASP Compiled Templates folder, and then grant Full Control to the IIS_WPG group.
6. Repeat step 5 for the systemroot\IIS Temporary Compressed Files folder.

To manually set the permission for NT AUTHORITY\NETWORK SERVICE, follow these steps:
1. Click Start, click Run, type %systemroot%\Help\iisHelp, and then click OK.
2. Right-click the Common folder, and then click Sharing and Security.
3. On the Security tab, click Add, type NETWORK SERVICE, and then click OK.
4. Click NETWORK SERVICE, click to select the following check boxes under Allow, and then click OK:
Read and Execute
List Folder Contents
Read
5. Click Start, click Run, type %systemroot%\system32\inetsrv, and then click OK.
6. Right-click the ASP Compiled Templates folder, and then click Sharing and Security.
7. On the Security tab, click Add, type NETWORK SERVICE, and then click OK.
8. Click NETWORK SERVICE, click to select the Full Control check box under Allow, and then click OK
9. Click Start, click Run, type %systemroot%, and then click OK.
10. Right-click the IIS Temporary Compressed folder, and then click Sharing and Security.
11. On the Security tab, click Add, type NETWORK SERVICE, and then click OK.
12. Click NETWORK SERVICE, click to select the Full Control check box under Allow, and then click OK

After you have completed these steps, restart the IIS Admin Service. To do this, follow these steps:
1. Click Start, click Run, type Services.msc, and then click OK.
2. Right-click IIS Admin, and then click Restart.

STATUS
Microsoft has confirmed that this is a problem in Microsoft Windows Server 2003.