I just wanted to clarify the steps (mine were a little different which may just be due to different set ups).
I'm using Godaddy's Virtual Hosting running Windows Server 2003. If you haven't already downloaded Metabase Explorer tool from the IIS 6.0 Resource Kit. You can download the IIS 6.0 Resource Kit tools here : [external links are visible to admins only]
1) Open IIS Manager.
2) Right click ____ (local computer) and select properties.
3) Select "Enable Direct Metabase Edit"
4) From the start menu select IIS Resources then the Metabase Explorer.
5) expand ____ (local) tab.
6) Select W3SVC
7) Change the CGITimeout value by double clicking it.
Finally go back to IIS Manager and uncheck the "Enable Direct Metabase Edit" check box.
And that's it. I hope that helps.