The path specified cannot be used at this time. (Exception from HRESULT: 0x80070094)

Many a times while creating a new Web Application in SharePoint you got the following error
The path specified cannot be used at this time. (Exception from HRESULT: 0x80070094)

and/or if you try to access Internet Informations Services (IIS) Manager it appears blank and even if you try to connect to the local server or any other server manually you are greeted with the following message  “The path specified cannot be used at this time.”

The only solution which has worked for me are the following

1. IIS Reset & Restart the Windows SharePoint Services Timer service.
2. As a final resort Restart the Server [Which one might not always able to do]
3. I haven’t tried this but one can install the following KB946517 hotfix for resolving the problem http://support.microsoft.com/kb/946517.