Thanks for the reply.

I have added the alias "127.0.0.1 localhost dnn" to my hosts file.
I have binded the site in IIS to "dnn" it won't allow me to not put a port in though so I am using Port 85.
My dnn folder is located at c:/inetpub/dnn and has the correct permissions assigned.
I have also added "dnn" to the portal aliases table.

When I browse http://dnn:85 I get the same error.

HTTP Error 500.19 - Internal Server Error
The requested page cannot be accessed because the related configuration data for the page is invalid.
Detailed Error Information
Module IIS Web Core
Notification Unknown
Handler Not yet determined
Error Code 0x8007000d
Config Error
Config File \\?\C:\inetpub\dnn\web.config