please run c:\Windows\Microsoft.NET\Framework\v2.0.50727\aspnet_regiis.exe -i
and re-run config wizard to see if it helps.
This might happen when you first install .NET Framework and IIS after that. We'll check this scenario and post here, but I think this should be covered.
Do you have any specific permissions/policies set for the user on this machine?
I found the answer - it was actually a Symantec Endpoint problem. A module in the SEP package was blocking the aspnet_regiis from initializing.
I found the workaround on Symantec's forum: http://www.symantec.com/connect/forums/sep-ru5-0xc0000005-error
Hope this helps if anyone else runs into this issue.
Thanks for posting for the benefit of the community.