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Event ID: 1062 Source: ASP.NET1.1.4322.0

It is not possible to run two different versions of ASP.NET in the same IIS process. Please use the IIS Administration Tool to reconfigure your server to run the application in a separate process.
Personally, this happened when I upgraded Share Point Services 2.0 to 3.0 on a Windows SBS 2003 R2. After the installation completed successfully, I was unable to connect to the Remote page for distant desktop. I modified the properties of the web site Remote and on the ASP.NET tab, I selected 2.0.50527 instead of 1.1.4322 and the problem was fixed.
Create a new application pool and move the site that you will be upgrading to that pool. This is all done within IIS. Once you have placed the site or vdir in its own application pool then you are ready to upgrade to the new framework version. See the link to “Running multiple versions of the Framework in ASP.NET” for more details.

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