Attempt To Start Report Service Failed...

Hi all,
I'm new to SSRS. I installed reporting services with my other services in SQL Server 2005. When I started Reporting Service Configuration tool,I see that my Reporting Server Status Stopped. When i am trying to start the service, i get the following error(exception)....also attached are the logfiles....

EXCEPTION DETAILS:
System.ServiceProcess.TimeoutException: Time out has expired and the operation has not been completed.
at System.ServiceProcess.ServiceController.WaitForStatus(ServiceControllerStatus desiredStatus, TimeSpan timeout)
at ReportServicesConfigUI.Panels.ServerInformationPanel.StartStopServiceTask(Boolean start)

LOGFILE1:
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ReportingServicesService!library!8!3/6/2008-20:26:48:: e ERROR: Sql error:System.Data.SqlClient.SqlException: Could not find stored procedure 'GetDBVersion'.
at System.Data.SqlClient.SqlConnection.OnError(SqlException exception, Boolean breakConnection)
at System.Data.SqlClient.SqlInternalConnection.OnError(SqlException exception, Boolean breakConnection)
at System.Data.SqlClient.TdsParser.ThrowExceptionAndWarning(TdsParserStateObject stateObj)
at System.Data.SqlClient.TdsParser.Run(RunBehavior runBehavior, SqlCommand cmdHandler, SqlDataReader dataStream, BulkCopySimpleResultSet bulkCopyHandler, TdsParserStateObject stateObj)
at System.Data.SqlClient.SqlCommand.FinishExecuteReader(SqlDataReader ds, RunBehavior runBehavior, String resetOptionsString)
at System.Data.SqlClient.SqlCommand.RunExecuteReaderTds(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, Boolean async)
at System.Data.SqlClient.SqlCommand.RunExecuteReader(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, String method, DbAsyncResult result)
at System.Data.SqlClient.SqlCommand.InternalExecuteNonQuery(DbAsyncResult result, String methodName, Boolean sendToPipe)
at System.Data.SqlClient.SqlCommand.ExecuteNonQuery()
at Microsoft.ReportingServices.Library.InstrumentedSqlCommand.ExecuteNonQuery()
at Microsoft.ReportingServices.Library.ConnectionManager.EnsureCorrectDBVersion()
ReportingServicesService!library!8!3/6/2008-20:26:48:: e ERROR: Throwing Microsoft.ReportingServices.Diagnostics.Utilities.InvalidReportServerDatabaseException: The version of the report server database is either in a format that is not valid, or it cannot be read. The found version is 'Unknown'. The expected version is 'C.0.8.40'. To continue, update the version of the report server database and verify access rights., ;
Info: Microsoft.ReportingServices.Diagnostics.Utilities.InvalidReportServerDatabaseException: The version of the report server database is either in a format that is not valid, or it cannot be read. The found version is 'Unknown'. The expected version is 'C.0.8.40'. To continue, update the version of the report server database and verify access rights.
ReportingServicesService!library!8!3/6/2008-20:26:48:: Exception caught while starting service. Error: Microsoft.ReportingServices.Diagnostics.Utilities.InvalidReportServerDatabaseException: The version of the report server database is either in a format that is not valid, or it cannot be read. The found version is 'Unknown'. The expected version is 'C.0.8.40'. To continue, update the version of the report server database and verify access rights.
at Microsoft.ReportingServices.Library.ConnectionManager.EnsureCorrectDBVersion()
at Microsoft.ReportingServices.Library.ConnectionManager.ConnectStorage()
at Microsoft.ReportingServices.Library.ServiceController.ServiceStartThread()
ReportingServicesService!library!8!3/6/2008-20:26:48:: Attempting to start service again...

LOGFILE2:
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ReportingServicesService!library!4!3/6/2008-20:26:47:: e ERROR: Throwing Microsoft.ReportingServices.Diagnostics.Utilities.UnknownUserNameException: The user or group name 'MACHINE_NAMEASPNET' is not recognized., ;
Info: Microsoft.ReportingServices.Diagnostics.Utilities.UnknownUserNameException: The user or group name 'MACHINE_NAMEASPNET' is not recognized.
ReportingServicesService!servicecontroller!9!3/6/2008-20:26:47:: Total Physical memory: 1063641088
ReportingServicesService!servicecontroller!4!3/6/2008-20:26:47:: e ERROR: Exception caught starting RPC server: Microsoft.ReportingServices.Diagnostics.Utilities.UnknownUserNameException: The user or group name 'MACHINE_NAMEASPNET' is not recognized.
at Microsoft.ReportingServices.Library.Native.NameToSid(String name)
at Microsoft.ReportingServices.Library.ServiceAppDomainController.StartRPCServer(Boolean firstTime)

The IIS Version I'm using is 5.1