This is my first KB article posted at msdn, so I am very glad about it. We have seen quite a lot of issues related to this.
The symptoms are as follows...
--- An ASP page will work fine on your box. ASPX will hang even if you try browsing it using the IIS Manager
--- If you try creating a project in Visual Studio your IDE will hang, although you would be able to create Windows Applications.
--- If you monitor you CPU usage in the Task Manager, it will be high for InetInfo.exe.
--- If you try giving aspnet_regiis -ua or aspnet_regiis -i, it will take a long time to finish.
--- You will see a process called Bmwebcfg.exe and even if you kill that process, it will respawn itself.
--- You might have a PCS Connection Manager or Cingular Connection Manager installed on your box.
For solution...
Please follow the link http://support.microsoft.com/?id=910435