URLRewriter for IIS 7 returns 404 Server Error

<system.webServer>
  <validation validateIntegratedModeConfiguration="false"/>
  <handlers>
    <add name="wildcard" path="*" verb="*" modules="IsapiModule" scriptProcessor="%windir%\Microsoft.NET\Framework\v2.0.50727\aspnet_isapi.dll" resourceType="Unspecified" requireAccess="None" preCondition="classicMode,runtimeVersionv2.0,bitness32" />
  </handlers>
</system.webServer>