I am trying to create a new project (Web application) in visual studio 2003.I am getting the following error

"The Web Server reported the following error when attempting to create or open a web project located at the following URL "http://localhost/WebApplication1","HTTP/1.1 500 Server Error""

For resolving the problem I have done the following steps

1. Reinstall visual studio 2003
2. Reinstall IIS
3. Reset IIS
4. Register .net using command aspnet_regIIS -i
5. Restart computer

But this problem still persists.

I had visual studio 2003 and visual studio 2005 installed on my pc.

I uninstalled Visual studio 2005 and repeated the above steps

Kindly advice what to do