Setup Error: This product requires ASP.NET v2.0 or This product requires ASP.NET v2.0 to be set to 'Allow' in the list of IIS Web Server Extensions

Do the following and it should resolve the issue. For some reason installing the .NET Framework 3.x causes this to occur.

C:\WINDOWS\Microsoft.NET\Framework\v2.0.50727>aspnet_regiis -u   (uninstall)

C:\WINDOWS\Microsoft.NET\Framework\v2.0.50727>aspnet_regiis -i   (reinstall)

Setup Error: This product requires ASP.NET v2.0 or This product requires ASP.NET v2.0 to be set to 'Allow' in the list of IIS Web Server Extensions