WSS 2.0 cannot save Calendar events

When trying to save Calendar events, I get IE HTTP error 500 page cannot be displayed. This is what shows up in address bar - https://x.x.x.x:444/_vti_bin/owssvr.dll?CS=109.
Also get this error immediately in the Event Viewer on the server running WSS - The server failed to load application '/LM/w3svc/4/Root/_vti_bin'.  The error was 'The server process could not be started because the configured identity is incorrect.  Check the username and password.

I have tried everything I know and cannot get to the bottom of this. Any questions ask away.
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cto2008Connect With a Mentor Author Commented:
I found that the IIS Out-Of-Process Pooled Applications Component Service Indentity was configured incorrectly. Reset the password for the account and all is well.
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