SharePoint Error: The path specified cannot be used at this time. Exception from HRESULT: 0x80070094

I was trying to create a new Site Collection on MOSS 2007 for one of my client's UAT environment when I got this error.
The path specified cannot be used at this time. Exception from HRESULT: 0x80070094.
On Microsoft Windows Server 2003 R2 Enterprise Edition with Service Pack 2 and MOSS 2007, I performed the following actions

1.Restart IIS
Click Start > Run
Type cmd and press Enter
Run command iisreset

2.Restart SharePoint Timer Service
Right click My Computer
Click Manage
Expand Services and Application
Click Services Restart Windows SharePoint Services Timer (Service Name SPTimerV3)

3.Restart Server (I didnot perform this action but it always works with Microsoft :)