OWA error: Unable to create Internet Information Services (IIS) directory entry

We are having an issue in our Exchange 2007 environment with OWA.  When users go to OWA, they receive the following error:

Outlook Web Access did not initialize. An event has been logged so that the system administrator can resolve the issue. Please contact technical support for your organization.
Unable to create Internet Information Services (IIS) directory entry. Error message is: Exception from HRESULT: 0x80005008. HResult = -2147463160.  

Request
Url: https://outlook:443/owa/auth/error.aspx?url=https://outlook/owa/&reason=0
User host address: 192.168.1.229

Exception
Exception type: Microsoft.Exchange.Clients.Owa.Core.OwaInvalidConfigurationException
Exception message: Unable to create Internet Information Services (IIS) directory entry. Error message is: Exception from HRESULT: 0x80005008. HResult = -2147463160.

Call stack

Microsoft.Exchange.Clients.Owa.Core.OwaConfigurationManager.CreateAndLoadConfigurationManager()
Microsoft.Exchange.Clients.Owa.Core.Globals.InitializeApplication()
Microsoft.Exchange.Clients.Owa.Core.Global.ExecuteApplicationStart(Object sender, EventArgs e)

Inner Exception
Exception type: Microsoft.Exchange.Management.Metabase.IISGeneralCOMException
Exception message: Unable to create Internet Information Services (IIS) directory entry. Error message is: Exception from HRESULT: 0x80005008. HResult = -2147463160.

Call stack

Microsoft.Exchange.Management.Metabase.IisUtility.GetProperties(DirectoryEntry webObj)
Microsoft.Exchange.Management.SystemConfigurationTasks.OwaVirtualDirectoryHelper.UpdateFromMetabase(ADOwaVirtualDirectory adOwaVirtualDirectory)
Microsoft.Exchange.Clients.Owa.Core.Configuration..ctor(ADSystemConfigurationSession session, String virtualDirectory, String webSiteName, ADObjectId distinguishedName, Boolean isPhoneticSupportEnabled)
Microsoft.Exchange.Clients.Owa.Core.OwaConfigurationManager.LoadConfiguration()
Microsoft.Exchange.Clients.Owa.Core.OwaConfigurationManager.CreateAndLoadConfigurationManager()

Inner Exception
Exception type: System.Runtime.InteropServices.COMException
Exception message: Exception from HRESULT: 0x80005008

Call stack

System.DirectoryServices.Interop.UnsafeNativeMethods.IAdsPropertyList.Item(Object varIndex)
System.DirectoryServices.PropertyCollection.KeysEnumerator.get_Current()
Microsoft.Exchange.Management.Metabase.IisUtility.GetProperties(DirectoryEntry webObj)



Can anyone help me out here?