From your description "I tried opening default.aspx and no luck I get the text code", I guess that when you navigate to "default.aspx" from your browser, you see the content of the ASPX file.

It looks to me that ASP.NET is not configured on your machine. Look at the properties of your virtual directory. do you see the TAB "ASP.NET"? and if yes, do you see the version 2.0 there?

If not, you need to go to "C:\WINDOWS\Microsoft.NET\Framework\v2.0.50727" and run "regiis.exe -i" to configure ASP.NET on your ISS.

Hope this helps.