Getting 404.2 Error when deploying Silverlight Business Application on IIS 7.0

I'm getting the following error when trying view my freshly deployed Silverlight Business Application on IIS 7.0 on a Windows Server Standard server with Service Pack 2:

HTTP Error 404.2 - Not Found The page you are requesting cannot be served because of the ISAPI and CGI Restriction list settings on the Web server.

Error Code 0x800704ec

I've deployed this application successfully on my own desktop PC.

Edits:

To my knowledge, I am not using either ISAPI or CGI.

Further Edits:

I don't seem to even have a "ISAPI and CGI Restrictions" feature in my IIS.

Have you mapped the .xap extension to the mime type application/x-silverlight-app in the servers mime map? See Register XAP file extention in IIS.

IIS 6 and above do not have a default .* mapping, without it you get a 404.