HTTP Error 404 - File or Directory not found

What happen?
Encountered this problem on my VPC (Virtual PC), Windows 2003, IIS 6.0.
When I try to view default.asp or default.aspx file, nothing seems to work.
The error returned in the browser was:

HTTP Error 404 - File or Directory not found.

Search the web and found this useful site from microsoft which explains why it happen and the solution: http://support.microsoft.com/kb/315122

What's the problem?

When you request dynamic content such as an Active Server Pages (ASP) page, an ASP.NET page, an Internet Services API (ISAPI) application, or a Common Gateway Interface (CGI) application on a Microsoft Windows Server 2003 server that is running Internet Information Services (IIS) 6.0, you may receive one of the following error messages:

• Error message 1
  HTTP Error 404 - File Not Found
  
• Error message 2
  HTTP Error 404- File or Directory not found

Cause?
By default, when IIS is installed on any version of the Windows Server 2003 family, IIS only serves static content (HTML).

The Solution?
Enable a Pre-existing Web Service Extension in IIS 6.0

To permit IIS to serve content that requires a specific ISAPI or CGI extension that is already listed in the Web service extensions list, follow these steps:

• Open IIS Manager, expand the master server node (that is, the Servername node), and then select the Web service extensions node.
• In the right pane of IIS Manager, right-click the extension that you want to enable. In this example, this is Active Server Pages.
• Click to select the Allow check box.

For more information on this, refer to http://support.microsoft.com/kb/315122