After letting Service Pack 1 install overnight, I logged in to my machine this morning looking forward to exploring some of the new features added to IIS 7.0.  Unfortunately there was a small problem with one of the local web applications that I host from my machine.  Simply put, the application refused to start in IIS, and each attempt to start it resulted in a modal pop-up informing me that the process was in use.  I quick peek at the error log showed the following:

After I quick search I found a KB article over at Microsoft that addressed the problem.  As directed by the article, I popped open the command prompt and ran netstat -ano to get a list of what processes were listing for net traffic on what port.  First entry on the list identified the problem process.

(The screencap was taken after the problem was fixed, so the PID is not the same).  I opened up the task manager to find out what process was at fault, and it turned out that Skype was listening for incoming traffic on port 80 for some silly reason.  I closed up Skype and attempted to start the website and lo-and-behold, it worked.  I started Skype again, and everything was working like normal again.

I thought this may be of use to anyone who encounters a similar problem.