Cognos LifeCycle Manager Error

[shukscog]

Hello All
Hope its alright placing this problem in the Admin section :)
I am trying to do a very easy installation of LifeCycle manager on my Windows 7 Laptop. It gives me the following error -
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Server Error in Application "DEFAULT WEB SITE"Internet Information Services 7.5

Error Summary
HTTP Error 404.0 - Not Found
The resource you are looking for has been removed, had its name changed, or is temporarily unavailable. Detailed Error InformationModule IIS Web Core
Notification MapRequestHandler
Handler StaticFile
Error Code 0x80070002
Requested URL http://localhost:80/rpc/getProjectInfoList?random=-1409272717
Physical Path C:\inetpub\wwwroot\rpc\getProjectInfoList
Logon Method Anonymous
Logon User Anonymous
Most likely causes:
The directory or file specified does not exist on the Web server.
The URL contains a typographical error.
A custom filter or module, such as URLScan, restricts access to the file.
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Well as the error suggests there is no RPC directory at wwwroot. Is this supposed to be automatically created when I install the Lifecycle manager ?
Also as expected there were no RPC virtual directories under Default Website in IIS. I am not even sure that any such configuration is required to install LifeCycle manager. Java etc are all there.
Can anyone please help and suggest ? I am out of ideas :(

Regards