Error: Server Error in '/ReportServer' Application.

I get the following error when going to http://localhost/reportserver, I did try what it recommended but it did't work.

Error:

Failed to access IIS metabase.

Description: An unhandled exception occurred during the execution of the current web request. Please review the stack trace for more information about the error and where it originated in the code.
Exception Details: System.Web.Hosting.HostingEnvironmentException: Failed to access IIS metabase.
The process account used to run ASP.NET must have read access to the IIS metabase (e.g. IIS://servername/W3SVC). For information on modifying metabase permissions, please see http://support.microsoft.com/?kbid=267904.
Source Error:

An unhandled exception was generated during the execution of the current web request. Information regarding the origin and location of the exception can be identified using the exception stack trace below.

Stack Trace:

[HostingEnvironmentException: Failed to access IIS metabase.] System.Web.Configuration.MetabaseServerConfig.MapPathCaching(String siteID, VirtualPath path) +3492186 System.Web.Configuration.MetabaseServerConfig.System.Web.Configuration.IConfigMapPath.MapPath(String siteID, VirtualPath vpath) +9 System.Web.Hosting.HostingEnvironment.MapPathActual(VirtualPath virtualPath, Boolean permitNull) +163 System.Web.CachedPathData.GetConfigPathData(String configPath) +382 System.Web.CachedPathData.GetConfigPathData(String configPath) +243 System.Web.CachedPathData.GetApplicationPathData() +68 System.Web.CachedPathData.GetVirtualPathData(VirtualPath virtualPath, Boolean permitPathsOutsideApp) +3385695 System.Web.Configuration.RuntimeConfig.GetLKGRuntimeConfig(VirtualPath path) +189

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Version Information: Microsoft .NET Framework Version:2.0.50727.42; ASP.NET Version:2.0.50727.42Can you access other asp.net applications on the same website, and running under the same app pool (if you are on IIS6) or the ASP.NET process account (if you are on IIS5.1)?|||

Not sure. I am trying to set up the report server so that I can start creating SSRS and report builder stuff off a 1 box before I create live on the server using the backend DB tables of our internal tools.

I am on communicator if you can chat for a few...this has had me going crazy for a few days.

Also ASPNET_REGIIS.exe is not recognized.