VS 2003 and ASP.NET error

I have an IIS 5.0 web server with .NET Framework 1.1
installed. When trying to create a project with Visual
Studio 2003 getting error that "Web server is not running
ASP.NET version 1.1". I found Technet article 306005 and
followed instructions to fix IIS mapping. All indications
are that .NET Framework 1.1 is installed and registered
properly but problem still exists. Any ideas?

Do any of the site use forms authentication?
When creating a project what is the http:// path you are using? If you are
trying to use http://localhost ensure the site is not bound to an IP
address. If it is change it to all unassigned or use
http://<machinename>/<applicationname>

Also check to see if the following option is selected: "check that file
exists" in the properties for the .aspx script mapping under IIS
application mappings was checked. This verifies the existence of any file
that is requested that is being handled by the specific extension.

Thank you for choosing Microsoft
Miriam Green
Microsoft Developer Support

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“Microsoft Security Announcement: Have you installed the patch for
Microsoft Security Bulletin MS03-026?  If not Microsoft strongly advises
you to review the information at the following link regarding Microsoft
Security Bulletin MS03-026
http://www.microsoft.com/security/security_bulletins/ms03-026.asp and/or to
visit Windows Update at http://windowsupdate.microsoft.com to install the
patch. Running the SCAN program from the Windows Update site will help to
insure you are current with all security patches, not just MS03-026.”