aspnet_wp.exe could not be launched because the username and/or password supplied in the processModel section of the config file are invalid.

I was running a WinXP box and all of a sudden I started getting a “Server Unavailable” error. I know for a fact that it had to do with the ASPNET account. So here’s what I did that did not help:
1. Give ASPNET account full control over your home directory2. Delete ASPNET account and ran [...]