IIS 4.0 Fail to Start

Hi All

I have a NT 4 server running IIS 4.0 and Exchange 5.5 with OWA. the server fails to start the IIS W3SVC event id 116, the service metabase path /lm/w3svc could not be opened. the data is the error code.

does anyone how to resolve this. would i need to reinstall IIS, this would me first uninstalling outlook web access on exchange.

cheers