Problem opening / creating Dot net 2003 projects

Hi,

I have Windows XP SP2 & Dot Net 2003 installed in my laptop. Actually i installed Dot Net couple of months back & i didn't work in that. Couple of days back, when i tried to create a sample ASP .NET / C# web project, it gave the following error

The Web server reported the following error when attempting to create or open the Web project located at the following URL: 'http://localhost/TestSB/WebApplication1'. 'HTTP/1.1 500 Server Error'.

The event viewer had the following warning message.


Source: W3SVC

EventID: 36

User: N/A

The server failed to load application '/LM/W3SVC'. The error was 'The specified metadata was not found.
'.

I am breaking my head for the past 2 days - trying to find the reason for this problem.

Can someone please help me to fix this problem.

THanks in advance.