Skype was the main cause of my problem:
This error usually occurs when you have set up Visual Studio to debug an existing web application running in IIS rather than the built in ASP.NET debug web server. IIS by default listens for web requests on port 80. In this case, another application is already listening for requests on port 80. Typically, the offending application is Skype, which by default takes over listening on ports 80 and 443 when installed. Skype is already occupy the port 80. So IIS is unable to start.
To resolve the issue follow the steps:
Skype -> Tools -> Options -> Advanced -> Connection:
Uncheck "Use port 80 and 443 as alternatives for incoming connections".
And as pointed out below perform an IIS reset once done.