Access problems running IIS on Windows 8

I have just installed IIS on my Windows 8 Pro laptop.

I am trying to access a local copy of the same folders and files as I use on my Windows 2000 Servers.

As soon as I go to localhost I get an Access is Denied Error 401.3 page You do not have permission to view this directory or page using the credentials you supplied (access denied due to Access Control Lists). Ask the Web server's administrator to give you access to

When I try and open a specific HTML file in the folder I get an HTTP Error 401.3 Unauthorized page error code 0x80070005

I obviously need to be doing something other than just installing IIS and setting the home folder to my web site.

Where do I go next?

Thanks.