Couldn't log on as the ASPNET user [1326]

I'm trying to profile a .net 1.1 app. This is win2k, iis5, .net 1.1 and 2.0 installed on the box. I deleted the ASPNET user and re-registered so it recreated it so that's not the issue.

Here is the event log:

Unable to start profiler - exception details System.Exception: Couldn't log on as the ASPNET user [1326]

Server stack trace: 
   at RedGate.Profiler.Engine.ProfileIISController._1(String , Boolean )
   at RedGate.Profiler.Engine.ProfileIISController.StartProfilingIIS(String currentUserName, String url, Boolean dotNetTwo)
   at System.Runtime.Remoting.Messaging.StackBuilderSink._PrivateProcessMessage(IntPtr md, Object[] args, Object server, Int32 methodPtr, Boolean fExecuteInContext, Object[]& outArgs)
   at System.Runtime.Remoting.Messaging.StackBuilderSink.PrivateProcessMessage(RuntimeMethodHandle md, Object[] args, Object server, Int32 methodPtr, Boolean fExecuteInContext, Object[]& outArgs)
   at System.Runtime.Remoting.Messaging.StackBuilderSink.SyncProcessMessage(IMessage msg, Int32 methodPtr, Boolean fExecuteInContext)

Exception rethrown at [0]: 
   at RedGate.Profiler.Engine.ProfilingSession.StartProfiler()
   at System.Runtime.Remoting.Messaging.StackBuilderSink._PrivateProcessMessage(IntPtr md, Object[] args, Object server, Int32 methodPtr, Boolean fExecuteInContext, Object[]& outArgs)
   at System.Runtime.Remoting.Messaging.StackBuilderSink.PrivateProcessMessage(RuntimeMethodHandle md, Object[] args, Object server, Int32 methodPtr, Boolean fExecuteInContext, Object[]& outArgs)
   at System.Runtime.Remoting.Messaging.StackBuilderSink.AsyncProcessMessage(IMessage msg, IMessageSink replySink)

Exception rethrown at [1]: 
   at System.Runtime.Remoting.Proxies.RealProxy.EndInvokeHelper(Message reqMsg, Boolean bProxyCase)
   at System.Runtime.Remoting.Proxies.RemotingProxy.Invoke(Object NotUsed, MessageData& msgData)
   at System.Windows.Forms.MethodInvoker.EndInvoke(IAsyncResult result)
   at _3._4(IAsyncResult )

here are some other logs:

1/16/2007 11:15:14 AM	ANTSProfilerLog initialized
1/16/2007 11:15:14 AM	PID = 3484
1/16/2007 11:15:14 AM	Log file name = ANTSProfilerLog3484.txt
1/16/2007 11:15:14 AM	OS version = Microsoft Windows NT 5.0.2195 Service Pack 4
1/16/2007 11:15:14 AM	Machine name = RS1APP1SRVR
1/16/2007 11:15:14 AM	User name = *****
1/16/2007 11:15:14 AM	Computing the framework version; metabase path = IIS://localhost/w3svc/6/Root
1/16/2007 11:15:14 AM	Framework version determined from script map 1.1.4322.2032
1/16/2007 11:15:18 AM	UI Start profiling
1/16/2007 11:15:19 AM	ENGINE Start profiling performance of ASP.NET web application http://localhost/index.aspx
1/16/2007 11:15:19 AM	ENGINE The profiler is enabled
1/16/2007 11:15:19 AM	TRANSFER - Waiting for pipe connection from core
1/16/2007 11:15:41 AM	ENGINE Closing profiling session

1/16/2007 10:53:10 AM	ServiceLog initialized
1/16/2007 10:53:10 AM	PID = 596
1/16/2007 10:53:10 AM	Log file name = ServiceLog596.txt
1/16/2007 10:53:10 AM	OS version = Microsoft Windows NT 5.0.2195 Service Pack 4
1/16/2007 10:53:10 AM	Machine name = RS1APP1SRVR
1/16/2007 10:53:10 AM	User name = SYSTEM
1/16/2007 10:53:10 AM	StartProfilingIIS currentUserName *****, url http://localhost/, .NET 2.0 False
1/16/2007 10:53:10 AM	Parse IIS metabase
1/16/2007 10:53:11 AM	InitServiceList
1/16/2007 10:53:11 AM	StartIIS
1/16/2007 10:53:11 AM	StopServicesInOrder
1/16/2007 10:53:23 AM	KillNamedProcess inetinfo.exe
1/16/2007 10:53:23 AM	StartWebService .NET 1.1