OK,  I'm going to work through my dnn install process to see if I can get mine working and make my discoveries available to all of us who enjoy the cheap price of godaddy hosting!

Here is what I've done so far to get things running.

I uploaded the install packet as a zip via ftp to the server.

Then I created the folder I wanted to store my DNN in.  Some people are worried about it showing in the root but I think in the web config you can change a setting that will alter the url that shows so it doesn't show that it isn't the root directory.  This also means that you can avoid some of the problems related to root directory installation as godaddy informed me that they won't make the root accessable to asp.net.

<

add key="HostHeader" value="" /> Host Header to remove from URL so "www.mydomain.com/johndoe/Default.aspx" is treated as "www.mydomain.com/Default.aspx" -->

using the file manager click the box in front of your directory and choose permissions.  then set it to be able to read and write.  I don't know how safe this is I'm just trying to get it running. 

I then used the archive button to unpack the zip file to the new directory I created.

Next I created the database.  I used a SQL database not a mySQL database.  then if you click on the pencil the database and view the settings (press the configuration button on the toolbar) I think you can use the information from the ODBC.  you can see the connection string the database and user (should be the same) and you hopefully wrote down your database when you created it.  I installed the ASP but not the DSN since I don't think it's normally used in DNN and may even cause connection problems to use it in some cases.

Then I download the web.config file and make the following changes listed in mitchelsellers blog about setting up dnn.  this includes altering the connection settings in two places making sure that you comment out the SQL express and use the SQL connection string.  Make sure you change the {local} to the database string.  changed the object qualifier and changed the autoupgrade and useinstall wizard to false.  saved it and uploaded it over the web.config I had on the server.

Then I talked with tech support and they told me my account for my database was dbo, that I couldn't be told what driver my asp.net was using (I wanted 2.0.50727) and that I was able to configure all the permissions I needed to give my asp.net worker process full file permissions in my install directory. soooooooo,  I gave all the folders full permissions and told all the child folders to inherit the full permissions I had given to my install directory.  also you may want to change line 130 from <customErrors mode="RemoteOnly" />. If you want to get useful errors, you need to change this parameter to "Off", like this: <customErrors mode="Off" />
 

Now,  I think that gives us most of steps.  Now I was confused and dazed and unable to figure out why the heck the silly thing didn't work!  So I fooled around a bit and was able to find in the iis setting that you can choose two types of communication classic (good) and integrated (yoursite doesn't work).  So I toggled it to the good setting and......

Oh yes, make sure you didn't install frontpage extensions they screw things up.  (how's that for professional?)

And I'm just about to give it another Go.  Good luck guys!

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Ok good news folks.  It did work!  I've got 5.0 successfully installed on godaddy hosting.  It appears when you install the dnn app they assign some features to the directories that allow it to work.  As a result  I would do just about everything I mentioned above and make the following changes as well.

After installing their prefab version of dnn wipe all the directories.... wow this takes a really long time!  But be sure in the root directory where you want dnn installed you rename their web.config to go.config.  then download and compare to what is currently in your web config file.  I had to make a number of changes.  The code changes I had to make are listed below (I'm going to hope this doesn't screw up the post if so please fix for me before approving)

I should say I'm setup using iis7 and it appears from the go.config that it was using asp 3.5....

  <add name="ScriptModule" type="System.Web.Handlers.ScriptModule, System.Web.Extensions, Version=3.5.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" />
<add verb="*" path="*.asmx" validate="false" type="System.Web.Script.Services.ScriptHandlerFactory, System.Web.Extensions, Version=3.5.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" />
      <add verb="*" path="*_AppService.axd" validate="false" type="System.Web.Script.Services.ScriptHandlerFactory, System.Web.Extensions, Version=3.5.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" />
      <add verb="GET,HEAD" path="ScriptResource.axd" type="System.Web.Handlers.ScriptResourceHandler, System.Web.Extensions, Version=3.5.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" validate="false" />
 <add assembly="System.Web.Extensions, Version=3.5.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" />
<add tagPrefix="asp" namespace="System.Web.UI" assembly="System.Web.Extensions, Version=3.5.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" />

add this under the other assembly binding.
<assemblyBinding xmlns="urn:schemas-microsoft-com:asm.v1">
      <dependentAssembly>
        <assemblyIdentity name="System.Web.Extensions" publicKeyToken="31bf3856ad364e35" />
        <bindingRedirect oldVersion="1.0.0.0-1.1.0.0" newVersion="3.5.0.0" />
      </dependentAssembly>
      <dependentAssembly>
        <assemblyIdentity name="System.Web.Extensions.Design" publicKeyToken="31bf3856ad364e35" />
        <bindingRedirect oldVersion="1.0.0.0-1.1.0.0" newVersion="3.5.0.0" />
      </dependentAssembly>
    </assemblyBinding>

after /dotnetnuke
<system.webServer>
    <!-- The system.webServer section is required for IIS7 compatability It is ignored by IIS6-->
    <modules>
      <add name="ScriptModule" type="System.Web.Handlers.ScriptModule, System.Web.Extensions, Version=1.0.61025.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" preCondition="managedHandler" />
      <add name="Compression" type="DotNetNuke.HttpModules.Compression.CompressionModule, DotNetNuke.HttpModules" preCondition="managedHandler" />
      <add name="RequestFilter" type="DotNetNuke.HttpModules.RequestFilter.RequestFilterModule, DotNetNuke.HttpModules" preCondition="managedHandler" />
      <add name="UrlRewrite" type="DotNetNuke.HttpModules.UrlRewriteModule, DotNetNuke.HttpModules" preCondition="managedHandler" />
      <add name="Exception" type="DotNetNuke.HttpModules.Exceptions.ExceptionModule, DotNetNuke.HttpModules" preCondition="managedHandler" />
      <add name="UsersOnline" type="DotNetNuke.HttpModules.UsersOnline.UsersOnlineModule, DotNetNuke.HttpModules" preCondition="managedHandler" />
      <add name="DNNMembership" type="DotNetNuke.HttpModules.Membership.MembershipModule, DotNetNuke.HttpModules" preCondition="managedHandler" />
      <add name="Personalization" type="DotNetNuke.HttpModules.Personalization.PersonalizationModule, DotNetNuke.HttpModules" preCondition="managedHandler" />
    </modules>
    <handlers>
      <add name="AJAX_ScriptResourceHandler" path="ScriptResource.axd" verb="GET,HEAD" type="System.Web.Handlers.ScriptResourceHandler, System.Web.Extensions, Version=1.0.61025.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" preCondition="integratedMode,runtimeVersionv2.0" />
      <add name="AJAX_AppServiceHandler" path="*_AppService.axd" verb="*" type="System.Web.Script.Services.ScriptHandlerFactory, System.Web.Extensions, Version=1.0.61025.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" preCondition="integratedMode,runtimeVersionv2.0" />
      <add name="AJAX_WebServiceHandler" path="*.asmx" verb="*" type="System.Web.Script.Services.ScriptHandlerFactory, System.Web.Extensions, Version=1.0.61025.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" preCondition="integratedMode,runtimeVersionv2.0" />
      <add name="LogoffHandler*" path="Logoff.aspx" verb="*" type="DotNetNuke.Services.Authentication.LogOffHandler, DotNetNuke" preCondition="integratedMode,runtimeVersionv2.0" />
      <add name="RSSJandler" path="RSS.aspx" verb="*" type="DotNetNuke.Services.Syndication.RssHandler, DotNetNuke" preCondition="integratedMode,runtimeVersionv2.0" />
      <add name="LinkClickHandler" path="LinkClick.aspx" verb="*" type="DotNetNuke.Services.FileSystem.FileServerHandler, DotNetNuke" preCondition="integratedMode,runtimeVersionv2.0" />
      <add name="CaptchaHandler" path="*.captcha.aspx" verb="*" type="DotNetNuke.UI.WebControls.CaptchaHandler, DotNetNuke" preCondition="integratedMode,runtimeVersionv2.0" />
    </handlers>
    <validation validateIntegratedModeConfiguration="false" />
  </system.webServer>

<!-- Ensure validationkey is not set to AutoGenerate,IsolateApps so it correctly supports webfarms -->
    <machineKey validationKey="A726D3C8758A08171507E04344EECE544DAE1DB5" decryptionKey="F6F08B6D6CE9ADD28D2F737A97A3F735B03A3F78DF9F81C4" decryption="3DES" validation="SHA1" />

Add this right before /compilation

<codeSubDirectories>
        <add directoryName="HTML" />
      </codeSubDirectories>

Not sure that everything is in just the right place, but hopefully that should be helpful.

If you are still struggling with your install give me a buzz!  Cheap hosting and hopefully this will make it a little easier for you to get 5.0 installed on godaddy hosting. 

P.S.  I know nothing about security am I opening my website up to attack by posting this stuff and do I need to adjust any directories settings on godaddy to make it secure? 

One other thing that I should likely mention here is that I discovered on editing the web config file that godaddy for my install at least was using a sql express database not a regular database.  Very interesting in that it means if you are setting up on godaddy you likely want to use a sql express database instead of a SQL database.