IIS /local host server application error

[Kojock]

I think this happened when i did an Windows Update (including IIS)
i am unable to view files in IIS and recieve the Server Application Error,
please examine your log files
where are the log files?
it means i have to test online which is a pain
i have checked Microsofts website and cant see anything similar
i have tried to uninstall/reinstall IIS to no avail

Please advise on possible outcomes/checkpoints

 

[Chad Sheffield]

Review this article to see if it is relevant to your situation.

297989 PRB: Configured Identity Is Incorrect for IWAM Account
http://support.microsoft.com/?id=297989