I have an IIS7.5 web-site, on Windows Server 2008, with an ASP.NET MVC2 web-site deployed to it. The website was built in Visual Studio 2008, targeting .NET 3.5, and IIS 5.1
Do you have a problem with just 1 page or the whole site is not working?
A) 1 page
B) Whole site
I assume you're using Windows Server - check if ASP.NET is enabled in IIS - it's disabled by default, I believe.
You can use MvcDiagnostics page to check if all dlls are deployed properly.
Are you running in IIS7 integrated mode? Classic mode of IIS7 does not automatically map extensionless URLs to ASP.NET (much like IIS6)
Make sure your Web.config tag is configured correctly.