set up the ASP.NET framework for IIS7 in your local environment

C:\Windows\Microsoft.NET\Framework64\v4.0.30319\aspnet_regiis.exe -i

...running this at the command line as administrator will alleviate errors like this...

Handler "PageHandlerFactory-Integrated" has a bad module "ManagedPipelineHandler" in its module list

 
 

I got this from here.