404 with URL Rewrite Module in IIS7 on windows 7

Question

I am trying to rewrite the URL through "Using URL Rewrite Module" on IIS7 (windows 7).

URL: http://localhost/AIM/group-discussion/videos.aspx?id=4&title=some-title

Rewrite URL: http://localhost/AIM/group-discussion/videos/4/some-title

Rewrite rule:

<rewrite>
            <rules>
                <rule name="RewriteUserFriendlyURL1" stopProcessing="true">
                    <match url="^AIM/group-discussion/videos/([^/]+)/([^/]+)/?$" />
                    <conditions>
                        <add input="{REQUEST_FILENAME}" matchType="IsFile" negate="true" />
                        <add input="{REQUEST_FILENAME}" matchType="IsDirectory" negate="true" />
                    </conditions>
                    <action type="Rewrite" url="AIM/group-discussion/videos.aspx?id={R:1}&amp;title={R:2}" />
                </rule>
            </rules>
        </rewrite>

I am getting 404 error while accessing rewrite URL (http://localhost/AIM/group-discussion/videos/4/some-title)

following error log through "Failed request tracing" in IIS7

MODULE_SET_RESPONSE_ERROR_STATUS

ModuleName="IIS Web Core", Notification="MAP_REQUEST_HANDLER", HttpStatus="404", HttpReason="Not Found", HttpSubStatus="0", ErrorCode="The system cannot find the file specified.
 (0x80070002)", ConfigExceptionInfo=""

I am running site in "Integrated Pipe mode"