System.Web.Hosting.HostingEnvironmentException: Failed to access IIS metabase

Of course for the gurus and professionals, this might be a very ordinary post, dealing a very basic problem. But eventually for beginners like me, this is something which makes us halt for a while. And as I have experienced throughout my "Support" career , this would always come whenever setting a new machine for a web application on asp.net 2.0

Without any further delay, I am currently simply adding the 1 stop solution link to Microsoft website for the fix

http://support.microsoft.com/kb/555583