Hi,
apparently the W2k3 server still considers a share by that name existing, even though its's pointing nowhere. I'd try to reboot the server first. If that doesn't help, search the registry for that share and try to get rid of it there (including reboot). There is additional magic performed on that share (it is made accessible for anonymous SMB, which requires listing it in a policy object in the registry), but I've not seen that problem before (and I did some 6.00 to 6.11 migrations on 2003R2). Did you move (rename) or copy the original installation directory somewhere else? Even that shouldn't end this way, though...
HTH,
Andre.