At some point our install of MOSS 2007 (SharePoint) started causing problems on the server it was installed on. If you opened the IIS MMC, it was unable to connect to the local server and display any web sites on the server. Makes making changes and adding new sites a little difficult.
I found a number of references to this being caused by an incorrect password or user specified to run one or more of the SharePoint related services. Tried updating all the users to be sure they were entered correctly and this seemed to have fixed it for a while but recently experience the problem again.
While I continue to find a long term solution, I thought I'd at least post the temporary solution. You can reboot the server to fix this, but most people don't like having to do this to a production server. Instead you can just restart SharePoint services, such as the Timer or the Administrator and this will typically fix it without affecting access or functionality of the site or server.