I have written a tiny web server application for users who are having trouble getting profiler working with IIS. Unfortunately, this only works with IIS 7, so you will need Windows Vista or 2008 to use it.
It would also be possible to use the Development Webserver (Cassini) if you are having IIS problems, but the Development Webserver doesn't support SSL or impersonation. This webserver offers these facilities without the extra complications of IIS, for instance, recycling, having to launch a worker process, etc.
This application should also solve the problem of having to use IIS 5 isolation mode to profile SSL websites.
You can download the ANTSApplicationHost Visual Studio project from
ftp://support.red-gate.com/Patches/ANTS ... onHost.zip
I hope that this could be useful to somebody. If you have any comments, please let me know by posting to this thread.