I am also unable to run asp files on IIS 5.1. Although new to IIS and FrontPage I am an experienced VB and Access programmer. I have spent hours researching this so any help to break through this hurdle would be greatly appreciated.
My current settings
1.0.0.0 XP Settings
1.1.0.0 Inetsrv properties for C:\windows|system32\inetsrv
1.1.1.0 Web Sharing tab
1.1.1.1 Share is set to "Default Web Site"
1.1.1.2 "Do not share this folder" is checked
2.0.0 IIS 5.1 Properties
2.1.0 Virtual Directory Tab
2.1.1 When connecting to this resource the content should come from: "A directory located on this computer" is checked.
2.1.2 Local Path is set to a virtual directory
2.1.3 All boxes are checked i.e. Script source access, Read, Write
2.1.4 Execute Permissions set to “Scripts Only”
Application Protection set to “Medium (pooled)”
2.2.0 Directory Security Tab
2.2.1Performance is set to “Use custom settings”
2.2.2 Client scripting is set to VBScript
3.0.0 Front Page Settings
3.1.0 Page Options
3.1.1 Compatibility Tab: Browsers is set to “Both Internet Explorer and Navigator”
3.1.2 Browser versions is set to “Custom”
3.1.3 Servers is set to “Microsoft Internet Information Server 3.0 and later”
3.1.4 Checked “Enabled with Microsoft Front Page Server Extensions”
3.1.5 Technology: All check boxes are checked i.e. ActiveXControls, VBScripts, Dynamic HTML, Frames, Active server pages and others
Test case is:
<html>
<body>
<h1>This is just html text</h1>
<br>
<%
response.write("If I can see this then ASP works"

%>
</body>
</html>