I though that it would be useful to include this as this has appeared many times:
If you receive this message:
The application-specific permission settings do not grant Local Activation permission for the COM Server application with CLSID
to the user XXXXXXXXXXXXXX. This security permission can be modified using the Component Services administrative tool.
For more information, see Help and Support Center at http://go.microsoft.com/fwlink/events.asp.
When you search for the GUID, you will find that it relates to IIS WAMREG admin Service, so you should open Component Services console (comexp.msc / dcomcnfg), and browse to:
Component Services->Computers->My Computer->DCOM Config
And review Security configuration for your account at Launch and Activate.
You can check the process at http://support.microsoft.com/kb/920783/en-us too
The point here is that you may find the same error with different GUIDs, as for example oSearch DCOM Configuration, so you should do the same thing.