I set the default location from c:\inetpub\wwwroot to d:\inetpub\wwwroot but when I access my .NET 4.0 site get this error:

Description: An error occurred during the processing of a configuration file required to service this request. Please review the specific error details below and modify your configuration file appropriately. 

Parser Error Message: Unrecognized attribute 'targetFramework'. Note that attribute names are case-sensitive.

Source Error: 


Line 105:            Set explicit="true" to force declaration of all variables.
Line 106:        -->
Line 107:       <compilation debug="true" strict="true" explicit="true" targetFramework="4.0">
Line 108:           <assemblies>
Line 109:               <add assembly="System.Web.Extensions.Design, Version=4.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35"/>

When I try to Manage the Basic Settings on the Site and click the "Test Settings" button, I see that I have a problem under "authorization:"

The server is configured to use pass-through authentication with a built-in account to access the specified physical path. However, IIS Manager cannot verify whether the built-in account has access. Make sure that the application pool identity has Read access to the physical path. If this server is joined to a domain, and the application pool identity is NetworkService or LocalSystem, verify that <domain>\<computer_name>$ has Read access to the physical path. Then test these settings again.

1) Do I need to grant rights to IIS to the new folder? Which user? I thought it was something like IIS_USER or something similar but I cannot determine the correct name of the user.

2) Also, do I need to set the default version of the framework somewhere at the Default Site level or at the Virtual folder level? How is this done in IIS6, I am used to IIS5 or whatever came with XP Pro.

3) My original site had a subfolder under wwwroot called "aspnet_client." How was this cleated? I manually copied it to the corresponding new location. My app was using seperate ASP specific databases for storing session state and role info, if that is relevant.

Thanks