IIS doesn't run pages after installing Vista SP1
After installing Vista SP1 you may find that you can't preview pages
using IIS (http://localhost/site name).
This is because the W3SVC (World
Wide Web Publishing Service) service has been turned off. It need to be
restarted and set to 'automatic' so it starts whenever you start the
machine.
Reboot your PC. After restarting go to 'Control Panel - Administrative Tools - Services',
select the 'Standard' tab and scoll down to the bottom of the list to 'World
Wide Web Publishing Service'.
If this is set to 'Manual' right-click, select 'Properties' and change
the Startup type to 'Automatic'.

Having done this ensure that the Service Status is started and if not,
use the 'Start' button.
When you now close down 'Services' and 'Administrative Tools', open EW
and you should now find that you can preview using 'localhost' again.