Wildcard mapping in IIS7 not working

I can't seem to get the ASP.NET engine to handle ALL wildcard mapping.

When I try to make a request that is supposed to be handled by the asp.net engine, i get a 404 error from the StaticFile handler

Here is the content of my web.config file.

You will notice that the 2nd last entry contains the wildcard mapping rules.

Code:

<handlers>
            <clear />
...
...
...
<add name="WILDCARD-MAPPING" path="*" verb="*" type="" modules="IsapiModule" scriptProcessor="%windir%\Microsoft.NET\Framework\v2.0.50727\aspnet_isapi.dll" resourceType="Unspecified" requireAccess="None" allowPathInfo="false" preCondition="classicMode,runtimeVersionv2.0,bitness32" responseBufferLimit="4194304" />
        <add name="StaticFile" path="*" verb="*" type="" modules="StaticFileModule,DefaultDocumentModule,DirectoryListingModule" scriptProcessor="" resourceType="Either" requireAccess="Read" allowPathInfo="false" preCondition="" responseBufferLimit="4194304" />
    </handlers>