Legacy .NET 1.1 COM in an ASP application side by side with .NET 2.0

An interesting issue arises when installing the .NET 2.0 runtime on a web server running an ASP system which relies on .NET 1.1 COM objects to function. This is a description of how to overcome those issues in a manner which will allow ASP.NET 2.0 or ASP.NET 3.5 applications run side by side on the same server.