Windows XP Professional Version 2002 (Includes Service Pack 2)

I attempt to Install I.I.S. (Add Windows Components)
I include
Common Files
Documentation
FrontPage 2000 Server Extensions
Internet Information Services Snap-In
SMTP Service
World Wide Web Service (All items checked)

During the install the the program Pauses at "Completing configuration of SMTP Service" for quite some time (Minutes). "Problem may lie here?"

Once it finally moves on to "Completing configuration of FrontPage 2000 Server Extensions" it pops up the following error.

Microsoft Server Extensions
"Unable to access configuration for Microsoft Personal Web Server"

Once I click [OK] the wizard claims I have successfully completed the Windows Components Wizard.

However when I run the MMC console for Internet Information Services, I notice that under the version tab it says "IIS V5.0". Isn't XP supposed to be V5.1?? .. It is on my other workstation and my laptop.

Any attempt to expand the "MyComputer" (local computer) tab produces the following error.

ERROR
"You have been denied access to this machine

This makes no sense at all. There is no error number, just that statement. This is my desktop, I am the only user, and Administrator.

Any suggestions? .. Ideas? .. I'm stumped.