How do I resolve “HTTP Error 500.19 – Internal Server Error” on IIS7.0

Detailed Error Information
Module IIS Web Core
Notification BeginRequest
Handler Not yet determined
Error Code 0x8007052e
Config Error Can not log on locally to C:inetpubwwwroot as user administrator with virtual directory password
Config File Unavailable (Config Isolation)
Requested URL http://192.168.0.3:80/
Physical Path C:inetpubwwwroot
Logon Method Not yet determined
Logon User Not yet determined