I have been reading that the Windows Home Server version of IIS is exactly the same as The 2003 Server version has, that should make this a much cheaper experiment. I really didn't want to pay what Windows Server 2003 costs for an operating system anyway.
That's good!!!! I'm pretty sure you'll need to go to Add/Remove Software | Windows Components and make sure that all of the ASP stuff is installed. Not sure if WHS actually supports ASP.NET, but you'll need to have it to make this work.
I also just noticed that my Windows XP computer at work has IIS and ASP.NET components available to install.
Did you also make sure .NET 3.5 is installed?