I\'m running Windows 7 Ultimate (64 bit) using Visual Studio 2010 RC. I recently decided to have VS run/debug my apps on IIS rather than the dev server that comes with it. <
Yet another reason this can happen - your RouteConfig.cs or WebApiConfig.cs are invalid.
RouteConfig.cs
WebApiConfig.cs
In my case, I had a route defined as such (note the parenthesis instead of curly brace):
... routeTemplate: "api/(something}" ...