Multicast service point will not install

Trying to install the multicast service point and I receive the following error under the "SMS_MULTICAST_SERVICE_POINT" log.

SMS Site Component Manager failed to install this component, because the designated Web Site of Internet Information Services is not running or started.

Possible cause: The designated Web Site is in the Stopped or Paused state.
Solution: Start the designated Web Site using the Internet Services Manager.

Possible cause: The World Wide Publishing Service is in the Stopped or Paused or Disabled state.
Solution: Start the World Wide Publishing Service on the machine.

SMS Site Component Manager cannot install component SMS_MULTICAST_SERVICE_POINT until the designated Web Site is started.  Refer to your SMS documentation or the Microsoft Knowledge Base for further information.

IIS is installed and the service is started.

My mcssetup.log shows the following

<07-20-2009 15:33:46>         ======== Completed Installion of Pre Reqs for Role SMSMCS ========
<07-20-2009 15:33:46> Installing the SMSMCS
<07-20-2009 15:33:46> Machine is running Windows Longhorn or later. (NTVersion=0X600, ServicePack=1)
<07-20-2009 15:33:46> IIS Service is installed.
<07-20-2009 15:33:46> WDS Service is installed.
<07-20-2009 15:33:46> No versions of SMSMCS are installed.  Installing new SMSMCS.
<07-20-2009 15:33:46> Enabling MSI logging.  mcs.msi will log to E:\SMS\logs\mcsMSI.log
<07-20-2009 15:33:46> Installing E:\SMS\bin\i386\mcs.msi CCMINSTALLDIR="E:\SMS_CCM" CCMSERVERDATAROOT="E:\SMS" USESMSPORTS=TRUE USESMSSSLPORTS=TRUE USESMSSSL=TRUE SMSSSLSTATE=0 MCSENABLELOGGING=TRUE MCSLOGLEVEL=1 MCSLOGMAXSIZE=1000000 MCSLOGMAXHISTORY=1
<07-20-2009 15:33:47> mcs.msi exited with return code: 1603
<07-20-2009 15:33:47> Backing up E:\SMS\logs\mcsMSI.log to E:\SMS\logs\mcsMSI.log.LastError
<07-20-2009 15:33:47> Fatal MSI Error - mcs.msi could not be installed.