<p>I am currently aware that ASP.NET 2.0 is out and about and that there are 3.x versions of the .Net Framework.</p>

<p>Is it possible to upgrade my ASP.NET web server to version 3.x of the .Net Framework?</p>

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<p>I have tried this, however, when selecting which version of the .Net framwork to use in IIS (the ASP.NET Tab), only version 1.1 and 2.0 show.</p>

<p>Is there a work around?</p>

Sure, download the 3.5 redistributable, install it on the servre, and you're good to go. .NET versions can be installed side-by-side, so it won't disrupt any "legacy" apps.
http://www.microsoft.com/downloads/details.aspx?FamilyId=333325FD-AE52-4E35-B531-508D977D32A6&displaylang=en