That means there was a server error. By itself there is insufficient information to remotely help you with this problem. Server errors can happen for any # of reasons including: bad configuration, bad app code, runtime errors, etc.
At the bare minimum you should ensure you have set up the web site/app properly to use ASP.NET. It could be you didn't set up the app pool or site/app configuration properly. If you're using a version of ASP.NET that isn't installed for IIS that can cause problems as well. Missing files in your app could cause problems. The list goes on and on. Providing more of this information to us along with screenshots would go a long way to solving this issue.
You should also confirm that your web app works properly by running it locally in Visual Studio first. If it works in VS then that eliminates a whole class of possible problems. If it doesn't work in VS then it won't work in IIS so you need to fix that first.
After that you'll need to log at the Event Viewer to see what is failing or, even better, your app's own error logs. Providing the actual exception information would help diagnose the issue.