I'm having exactly the sme problem as you describe, but had to comment everything out in the global.asax file. Naturally, the rest of the site doesn't work after that, but at least i get to the login page.
I've checked the event viewer logs and this is what I can see:
"Faulting application w3wp.exe, version 6.0.3790.3959, stamp 45d6968e, faulting module kernel32.dll, version 5.2.3790.4062, stamp 46264680, debug? 0, fault address 0x0000bee7.
For more information, see Help and Support Center at http://go.microsoft.com/fwlink/events.asp."
Anyone knoew what top make of this?
By the way, we are running the express edition (to test it) on a windows 2003 server with MSSQL 2005. Also, the site runs on its own app pool.