Web Server Error when creating new ASP.Net project!

When I create a new ASP.Net project (with just default answers to normal questions) I get the message:
The Web server reported the following error when attempting to create or open the Web Project located at the following URL: 'http://localhost/WebApplication1'. 'HTTP/1.1 500 Internal Server Error'.

The Application Event Log contains:

aspnet_wp.exe could not be started. The error code for the failure is 80070545. This error can be caused when the worker process account has insufficient rights to read the .NET Framework files. Please ensure that the .NET Framework is correctly installed and that the ACLs on the installation directory allow access to the configured account.

What is the deal... I do the exact same thing on another computer and it works with no problem... the two machines have identical setups... what is the deal?  Any help would be appreciated!

This is urgent, because I have an app that I wrote at home that I need to run on a machine at work.
Thx!
protemusAsked:
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nauman_ahmedConnect With a Mentor Commented:
First make sure that the .NET Framework has been installed on the server. An easy way to check is typing a name of bogus page such as http://www.myserver.com/404test.aspx. If you see in return the .NET 404 message, it means .NET framework is installed and you have some sort of authentication problem while creating the project on the server.

HTH, Nauman.
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praneethaConnect With a Mentor Commented:
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