by Howard Miller.
Well - there's the root of the problem staring you in the face.
Physical Path F:\inetpub\MOODLE2\theme\image.php
That isn't the folder you showed us above. How did http://localhost:80/moodle2/theme/image.php get mapped to the physical location F:\inetpub\MOODLE2\theme\image.php??
This has to be a problem in your IIS configuration.