IIS Error: Failed to access IIS metabase, "The process account used to run ASP.NET must have read access to the IIS metabase"

If you experience this error, probably you have installed IIS after .NET installation. So, what you need to do is to stop IIS and re-install ASP.NET for both 1.1 and 2.0.
Run the following command set (better create an x.cmd file and run that), and don't forget to change machinename to your computer's name:

iisreset -stop
cd\
cd %windir%Microsoft.NET\Framework\v2.0.50727
aspnet_regiis -ua
aspnet_regiis -i
aspnet_regiis -ga machinename\ASPNET
cd\
cd %windir%Microsoft.NET\Framework\v1.1.4322
aspnet_regiis -i
iisreset -start

And that is it :)