I have a system running Win2k server with two logical disks - c: and d:.
If I create a virtual directory under IIS on disk d: it shows up with a red error symbol in the tree in MMC. This happens for any directory. Virtual directories from drive c: don't do this.
However there is nothing wrong with the virtual directory, it works fantastic, I can see all the files in MMC, I can access the directory from my browser... just this rather annoying red Error symbol.