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
Don't use runAllManagedModulesForAllRequests. You want to let IIS handle resources such as images.
Instead add the MVC routing module