debacle with a capital D - Admin service just doesnt work haphazardly.
if you get this error, you will find many solutions, and maybe one that works - here is what worked for me:

- stop and put in manual start mode all non-Microsoft services (using msconfig)
- Downloaded the AUthdiag tool, ran it and fixed all problems found;
- follow steps in KB article ID 271071 at
- Set the “Remote Procedure Call (RPC)” service to Log On as “Local System account”;
- reboot (because RPC can not be restarted;
- IISAdmin now works correctly.