SharePoint 2007 Server Unavailable error

I created and extended a new virtual server and put a site collection on it.  Before the long details I will ask,
1) What the heck does this mean other than it is broken?
2) How the heck do I fix it?

When I go to the site I get:
Server Application Unavailable
The web application you are attempting to access on this web server is currently unavailable.  Please hit the "Refresh" button in your web browser to retry your request.
Administrator Note: An error message detailing the cause of this specific request failure can be found in the application event log of the web server. Please review this log entry to discover what caused this error to occur.

The logs are:
ASP.NET 2.0.50727.0 - event ID 1088
Failed to execute request because the App-Domain could not be created. Error: 0x80070005 Access is denied.  
ASP.NET 2.0.50727.0 - event ID 1073
Failed to initialize the AppDomain:/LM/W3SVC/1015690678/Root

Exception: System.IO.FileLoadException
Message: Could not load file or assembly 'System.Web, Version=2.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a' or one of its dependencies. Access is denied.
StackTrace:    at System.Reflection.Assembly.nLoad(AssemblyName fileName, String codeBase, Evidence assemblySecurity, Assembly locationHint, StackCrawlMark& stackMark, Boolean throwOnFileNotFound, Boolean forIntrospection)
   at System.Reflection.Assembly.InternalLoad(AssemblyName assemblyRef, Evidence assemblySecurity, StackCrawlMark& stackMark, Boolean forIntrospection)
   at System.Reflection.Assembly.InternalLoad(String assemblyString, Evidence assemblySecurity, StackCrawlMark& stackMark, Boolean forIntrospection)
   at System.Activator.CreateInstance(String assemblyName, String typeName, Boolean ignoreCase, BindingFlags bindingAttr, Binder binder, Object[] args, CultureInfo culture, Object[] activationAttributes, Evidence securityInfo, StackCrawlMark& stackMark)
   at System.Activator.CreateInstance(String assemblyName, String typeName)
   at System.AppDomain.CreateInstance(String assemblyName, String typeName)
   at System.AppDomain.CreateInstance(String assemblyName, String typeName)
   at System.Web.Hosting.ApplicationManager.CreateAppDomainWithHostingEnvironment(String appId, IApplicationHost appHost, HostingEnvironmentParameters hostingParameters)
   at System.Web.Hosting.ApplicationManager.CreateAppDomainWithHostingEnvironmentAndReportErrors(String appId, IApplicationHost appHost, HostingEnvironmentParameters hostingParameters)
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