IIS7 ISAPI Error on Windows Server 2008

I am receiving the following error when trying to view a website (simple index.html) on a Windows 2008 Server w/IIS7.

<EventData>
  <Data Name="ContextId">{00000000-0000-0000-0700-0080000000F8}</Data>
  <Data Name="ModuleName">IsapiModule</Data>
  <Data Name="Notification">128</Data>
  <Data Name="HttpStatus">500</Data>
  <Data Name="HttpReason">Internal Server Error</Data>
  <Data Name="HttpSubStatus">0</Data>
  <Data Name="ErrorCode">2147942403</Data>
  <Data Name="ConfigExceptionInfo"></Data>
 </EventData>
 <RenderingInfo Culture="en-US">
  <Opcode>MODULE_SET_RESPONSE_ERROR_STATUS</Opcode>
  <Keywords>
   <Keyword>RequestNotifications</Keyword>
  </Keywords>
  <freb:Description Data="Notification">EXECUTE_REQUEST_HANDLER</freb:Description>
  <freb:Description Data="ErrorCode">The system cannot find the path specified.
 (0x80070003)</freb:Description>
 </RenderingInfo>
 <ExtendedTracingInfo xmlns="http://schemas.microsoft.com/win/2004/08/events/trace">
  <EventGuid>{002E91E3-E7AE-44AB-8E07-99230FFA6ADE}</EventGuid>
 </ExtendedTracingInfo>
</Event>

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