I have a Windows 2003 SBS Server (SP2) that suddenly has a problem starting the IIS Admin Service.
This not only means that intranet sites are no longer available to the users but more importantly, Exchange has a service-dependency on the IIS Admin Service, meaning that Exchange won't run either.
I've found blogs online (such as this one) that say about uninstalling IIS, but it also says nearer the bottom that on restart, the problem happens again.
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(Edit:) There actually appears to be an HTML email (with encoded attachment text) inside the metabase.xml... should that even be there???
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What does the Event log say?
That said, this command has saved me a couple of times for similiar issues with Exchange related services not starting. This assumes the 32bit .NET 1.1 is messed up.
%SYSTEMROOT%\Microsoft.NET\Framework\v1.1.4322\aspnet_regiis.exe -i
Here is the related KB from Microsoft
http://support.microsoft.com/kb/894435
Tried lots of different means of trying to fix this, but had to resort to uninstalling the IIS section (through the Add/Remove Windows Features) and then had to reinstall it.
I found that if you do this, the IIS Admin Tool will restart, but I had to also reinstall the NNTP and SMTP sections to get Exchange to start up again.