Access denied message when connecting via Internet Service..

I'm using FAT32 on my windows2kPro development box with IIS 5 installed. I
am logged in as administrator and cannot access IIS.

I get the error: "error connecting to KAEHome" -- access denied error
message when I try to get into it. If googled this and most of the threads
dealt with remote use or NTFS - neither of which are applicable to me. What
permissions does an local administrator not have that could be causing this?
Is this a files permissions issues or something else?

Any clues much appreciated....


--
astroPup