I've run both:

C:\WINDOWS\Microsoft.NET\Framework\v2.0.50727>aspnet_regiis.exe -ga
LEXWKS424117
1\ASPNET
Start granting LEXWKS4241171\ASPNET access to the IIS metabase and other
directo
ries used by ASP.NET.
Finished granting LEXWKS4241171\ASPNET access to the IIS metabase and other
dire
ctories used by ASP.NET.

And:

C:\...>MetaACL "IIS:/localhost/W3SVC" LEXWKS4241171\ASPNET R

... And I still get the following message when browsing to:

http://localhost:8080/Service/Service.asmx

Service is set up as a virtual directory to C:\WEBSITE\Service

What should I check???

Thanks in advance!

Server Error in '/Service' Application.
--------------------------------------------------------------------------------

Failed to access IIS metabase.
Description: An unhandled exception occurred during the execution of the
current web request. Please review the stack trace for more information
about the error and where it originated in the code.

Exception Details: System.Web.Hosting.HostingEnvironmentException: Failed to
access IIS metabase.

The process account used to run ASP.NET must have read access to the IIS
metabase (e.g. IIS://servername/W3SVC). For information on modifying
metabase permissions, please see http://support.microsoft.com/?kbid=267904.

Source Error:

     An unhandled exception was generated during the execution of the
current web request. Information regarding the origin and location of the
exception can be identified using the exception stack trace below.

Stack Trace:

[HostingEnvironmentException: Failed to access IIS metabase.]
  System.Web.Configuration.MetabaseServerConfig.MapPathCaching(String
siteID, VirtualPath path) +3609834
  System.Web.Configuration.MetabaseServerConfig.System.Web.Configuration.IConfigMapPath2.MapPath(String
siteID, VirtualPath vpath) +9
  System.Web.Hosting.HostingEnvironment.MapPathActual(VirtualPath
virtualPath, Boolean permitNull) +169
  System.Web.CachedPathData.GetConfigPathData(String configPath) +382
  System.Web.CachedPathData.GetConfigPathData(String configPath) +243
  System.Web.CachedPathData.GetApplicationPathData() +68
  System.Web.CachedPathData.GetVirtualPathData(VirtualPath virtualPath,
Boolean permitPathsOutsideApp) +3503459
  System.Web.Configuration.RuntimeConfig.GetLKGRuntimeConfig(VirtualPath
path) +189