HTTP 1.1/500 Server error when trying to create an ASP.NET project

Dotnet Framework 1.1 is installed on my computer running on Windows 2000
Professional.Visual Studio >net 2003 is installed.When I try to create an
ASP.NET project I get following error.

The web server reported the following error when attempting to create or
open the web project located at the following
'URL://Localhost/WebApplication1' HTTP 1.1/500 Server error

I tried reinstalling the .NET but it did not help me.
Any help in this regard is highly appreciated.

Thanks.

Ghanashyam

HTTP 1.1/500 Server error when trying to create an ASP.NET project