If the event log shows the following please click on the link to go the Microsofts Article for resolving this error:In the System Event Log:
Source: DCOM
Error: DCOM got error "Logon Failure: unknown username or bad password" Unable to logon .\IWAM_SERVERNAME in order to run the server.
Source: W3SVC
Error: "The server failed to load application '/LM/W3SVC/1/Root/op.' The error was 'The serverprocess could not be started because the configured identity is incorrect. Check the username and password.
Source: W3SVC Error: "The server failed to load application '/LM/W3SVC/4/Root'. The error was 'c000003b'."
Source: W3SVC Error: "The COM Application '{3D14228D-FBE1-11d0-995D-00C04FD919C1}' at '/LM/W3SVC/4/Root' failed to activate out of process."
If you have this in the event log please go to http://support.microsoft.com/kb/297989/en-us
Also, if the Microsoft article does not resolve the issue, try making the virtual folder in IIS use the IWAM account for anonymous access, then give IWAM full control over the MailMax Web folder.