All of a sudden, this big scary message showed up ! Application Event Log showed more details like,
“aspnet_wp.exe could not be launched because the username and/or password supplied in the processModel section of the config file are invalid.
aspnet_wp.exe could not be started. HRESULT for the failure: 80004005“…
If you get this error, this link might shed some light on the issue,
In my case, it was much simpler issue, my ASPNET account (Win 2K Server) was locked out ! (dont have a clue how that happened !!)