A VirtualDirectory under MicroSoft InternetInformationServer made up one or more ActiveServerPages, with a single configuration.

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Each AspApplication can be configured independently within MicroSoft InternetInformationServer.

Configuration settings include:
	*ProcessIsolation
	*Default ScriptingEngine language
	*Session enabled/disabled
	*Session timeout
	*Client/Server Debugging enabled/disabled
	*How errors are to be handled that occur within any page under the scope of the application

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The ASP IsapiExtension is completely configurable per AspApplication.
Check out the following article at http://msdn.microsoft.com/workshop/server/feature/tune.asp for more details on what IisMetaBase settings to use to configure it.
(Note: You'll need to scroll down to the section titled "Optimizing Active Server Pages (ASP) Performance".)

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See also: ActiveServerPages