Hi,
I believe you could try installing the IIS Recommended Configuration from the Web Platform Installer like mentioned in this blog post.
In my case I could run Milage Stats without problems, using the Local IIS Web Server in aWindows Server 2008R2 installation, after installing the IIS Recommended Configuration, and also I have to run theaspnet_regiis -i command as mentioned in the Known Issues section, to avoid the "ASP.NET 4.0 has not been registered on the Web server error..."
Additionally, I remembered that when running on Windows Server 2008 installations, you may also have to install the"Desktop Experience" feature as mentioned in the following work item:
I hope you find this handy,
Agustin Adami
http://blogs.southworks.net/aadami