I am running W2K with IIS 6 as localhost (testing of course).
I have downloaded and installed the latest versions of greymatter, perl and php.
I created my virtual site, etc. and can bring htm/l pages up with no problem.
I have modified the cgi files with the perl path, about every way I can think of for a windows installation and set and modified every permission I can find for cgi, scripts and executables, and I still get a 500 when I attempt to execute gm.cgi.