The specified error occuring because the NETWORK SERVICE does not have Local Activation Access to IIS WAMREG admin Service DCOM. To track down errors like that the best approach is to search for the CLSID value inside registry which will point you out the correct AppName causing the problem.

Event Error:

Event Type:    Error
Event Source:    DCOM
Event Category:    None
Event ID:    10016
Date:        09/11/2008
Time:        20:24:19
User:        NT AUTHORITY\NETWORK SERVICE
Computer:    SERVER
Description:
The application-specific permission settings do not grant Local Activation permission for the COM Server application with CLSID
{61738644-F196-11D0-9953-00C04FD919C1}
to the user NT AUTHORITY\NETWORK SERVICE SID (S-1-5-20).  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.

Workaround:

Learn the Name of the CLSID:

Run -> Regedit -> Search value
{61738644-F196-11D0-9953-00C04FD919C1}

Give necessary permissions to DCOM:

Start -> Run -> Administrative Tools -> Component Services
Computers -> My Computer -> DCOM Config
Select IIS WAMREG admin Service and Properties
Under Security Tab select Edit for Launch and Activation Permissions
Add NETWORK SERVICE and give Local Launch and Local Activation Permissions