precompiled error after publishing the website

This occurs when IIS(Internet Information Services) has lost its mappings to ASP.NET. Please do the following:

Open a DOS command prompt (From the Start Menu, Click on Run... and type cmd and click Ok).
Change to the following directory: C:\WINDOWS\Microsoft.NET\Framework\v2.0.50727
Run the command aspnet_regiis.exe -i. Note the success/failure of the process.

Also, if you are using windows 2003/2008 OS please check the following:

Open IIS (Internet Information Services)
Navigate to Local Computer > Web Sites > Web Service Extension
On the right side check if ASP.Net v2.0.50727 is allowed, if not, select it and click on the Allow button

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