The version of .Net you are using has not been registered with IIS correctly.
If it is .Net version 4 on a 64-bit 2008 server use these two commands to fix it.
%windir%\Microsoft.NET\Framework\v4.0.30319\aspnet_regiis.exe -i
%windir%\Microsoft.NET\Framework64\v4.0.30319\aspnet_regiis.exe -i