I'm trying to run an ASP.NET MVC 2 web application under IIS on Windows 7, but I get a 403.14 error. Here are the steps to reproduce:

1. Open Visual Studio 2010
2. Create a new ASP.NET MVC 2 project called MvcApplication1
3. Shift+F5 to run the app. You should see http://localhost:{random_port}/ and the page will render correctly.
4. Click on MvcApplication1, and select "Properties". Go to the "Web" section.
5. Select "Use Local IIS Web server" and create a virtual directory.
6. Save.
7. Shift+F5 to run the app. You should see http://localhost/MvcApplication1/ and an IIS error HTTP Error 403.14 - Forbidden The Web server is configured to not list the contents of this directory..

It's clear that for whatever reason, ASP.NET routing is not working correctly.

Things I've already thought of and tried:

• Verified that all IIS features are enabled in "Turn Windows features on or off".
• Verified that the default website is configured to use .NET 4.0
• Reassigned ASP.NET v4 scripmaps via aspnet_regiis -i in the v4.0.30319 directory.

Here's the most amazing part - this is on a just-built machine. New copy of Windows 7 x64 Ultimate, clean install of Visual Studio 2010 Premium, no other websites and no other work performed.

Anything else I can try?