aspnet_regsql.exe wizard fails

I am trying to install the aspnet database in SQL Express 2005 so I can develop a FBA application. When I run the wizard I get the following:
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Setup failed.

Exception:
Unable to connect to SQL Server database.

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Details of failure
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System.Web.HttpException: Unable to connect to SQL Server database. ---> System.Data.SqlClient.SqlException: A network-related or instance-specific error occurred while establishing a connection to SQL Server. The server was not found or was not accessible. Verify that the instance name is correct and that SQL Server is configured to allow remote connections. (provider: Named Pipes Provider, error: 40 - Could not open a connection to SQL Server)
   at System.Data.SqlClient.SqlInternalConnection.OnError(SqlException exception, Boolean breakConnection)
   at System.Data.SqlClient.TdsParser.ThrowExceptionAndWarning(TdsParserStateObject stateObj)
   at System.Data.SqlClient.TdsParser.Connect(ServerInfo serverInfo, SqlInternalConnectionTds connHandler, Boolean ignoreSniOpenTimeout, Int64 timerExpire, Boolean encrypt, Boolean trustServerCert, Boolean integratedSecurity, SqlConnection owningObject)
   at System.Data.SqlClient.SqlInternalConnectionTds.AttemptOneLogin(ServerInfo serverInfo, String newPassword, Boolean ignoreSniOpenTimeout, Int64 timerExpire, SqlConnection owningObject)
   at System.Data.SqlClient.SqlInternalConnectionTds.LoginNoFailover(String host, String newPassword, Boolean redirectedUserInstance, SqlConnection owningObject, SqlConnectionString connectionOptions, Int64 timerStart)
   at System.Data.SqlClient.SqlInternalConnectionTds.OpenLoginEnlist(SqlConnection owningObject, SqlConnectionString connectionOptions, String newPassword, Boolean redirectedUserInstance)
   at System.Data.SqlClient.SqlInternalConnectionTds..ctor(DbConnectionPoolIdentity identity, SqlConnectionString connectionOptions, Object providerInfo, String newPassword, SqlConnection owningObject, Boolean redirectedUserInstance)
   at System.Data.SqlClient.SqlConnectionFactory.CreateConnection(DbConnectionOptions options, Object poolGroupProviderInfo, DbConnectionPool pool, DbConnection owningConnection)
   at System.Data.ProviderBase.DbConnectionFactory.CreatePooledConnection(DbConnection owningConnection, DbConnectionPool pool, DbConnectionOptions options)
   at System.Data.ProviderBase.DbConnectionPool.CreateObject(DbConnection owningObject)
   at System.Data.ProviderBase.DbConnectionPool.UserCreateRequest(DbConnection owningObject)
   at System.Data.ProviderBase.DbConnectionPool.GetConnection(DbConnection owningObject)
   at System.Data.ProviderBase.DbConnectionFactory.GetConnection(DbConnection owningConnection)
   at System.Data.ProviderBase.DbConnectionClosed.OpenConnection(DbConnection outerConnection, DbConnectionFactory connectionFactory)
   at System.Data.SqlClient.SqlConnection.Open()
   at System.Web.Management.SqlServices.GetSqlConnection(String server, String user, String password, Boolean trusted, String connectionString)
   --- End of inner exception stack trace ---
   at System.Web.Management.SqlServices.GetSqlConnection(String server, String user, String password, Boolean trusted, String connectionString)
   at System.Web.Management.SqlServices.SetupApplicationServices(String server, String user, String password, Boolean trusted, String connectionString, String database, String dbFileName, SqlFeatures features, Boolean install)
   at System.Web.Management.SqlServices.Install(String database, SqlFeatures features, String connectionString)
   at System.Web.Management.ConfirmPanel.Execute()
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I already have sql Express installed and I can in fact connect to the two database engines running under that instance without any problem. Remote connections are enabled, named pipes is enabled, as is tcp/ip connections. The SQL browser is running. This is on my local machine which is running Windows 7 RC.
When I run the wizard, I am accepting defaults.