Here are a few things I have done to correct this but in vain.
1. I have made sure that the folder CFIDE with the correct files are in the webserver ie C:/inetpub/wwwroot
2. The default address in the browser upon clicking administrator is http://127.0.0.1/CFIDE/administrator/index.cfm I tried changing it to http://my_computer_name/CFIDE/administrator/index.cfm but still I get the same error message. I even tried http://my_computer_name:8500/CFIDE/administrator/index.cfm
3. I have made sure that I have enabled ISAPI extensions and IIS Metabase & IIS6 configuration compatibitlity from windows features
The error message says -