WOW...Solved this issue finally!!!!
I guess I got confused by all the posts I was reading that told me to set the 32 bit Enabled =true in the Application pool for IIS.
The solution seems to be to set 32 Bit Enabled=false in IIS because for some reason setting 32 bit Enabled =true seems to make IIS execute the code as 32 bit which cause the exception.
This is the post that helped me solve this issue..Thanks to the provider..http://social.msdn.microsoft.com/Forums/en-US/netfx64bit/thread/b8cb5f3d-8e61-4e63-b325-d07b261f77ac/
So just goto your application pool and disable 32 bit Enabled. Easy!!!
Thanks for looking at my posts.