Inline code is disabled in sharepoint 2007 (not sure about SPS 2003) with the exception of files in the _layouts directory and will throw an error.  I was researching this a while back and thought I would throw it up here so I don't forget...maybe you can get some use out this article:

http://msdn.microsoft.com/en-us/library/bb862025.aspx

Essentially you need to add a PageParserPath entry to the web.config file for the web application

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