The FastCGI process exited unexpectedly

I’ve installed the latest version of WordPress in Windows 8 with MS SQL Server 2008 R2 database.
I’ve enabled the multi-site feature from wp-config.php
Now when I head over to http://localhost/wp-sqlsrv/wp-admin/network.php and hit the install button I get the Following error

HTTP Error 500.0 – Internal Server Error
C:\Program Files\PHP\v5.3\php-cgi.exe – The FastCGI process exited unexpectedly

Detailed Error Information:
Module : FastCgiModule
Notification : ExecuteRequestHandler
Handler : PHP_via_fastcgi
Error Code : 0x000000ff
Requested URL : http://localhost:80/wp-sqlsrv/wp-admin/network.php
Physical Path : C:\inetpub\wwwroot\wp-sqlsrv\wp-admin\network.php
Logon Method : Anonymous
Logon User : Anonymous