How do I fix 404.17 error on Win Server 2k8 and IIS7

I’ve setup a new .net 2.0 website on IIS 7 under Win Server 2k8 and when browsing to a page it gives me a 404.17 error, claiming that the file (default.aspx in this case) appears to be a script but is being handled by the static file handler. It SOUNDS like the module mappings for ASP.Net got messed up, but they look fine in the configurations. Does anyone have a suggestion for correcting this error?