Are you using a godaddy hosting with .net 4.0?

Correct, I've changed the .net to 4.0 on GoDaddy.

Also I'm not sure what the next step is after I move it over once I do get a page to display, do I browse to Areas/Install?

For your first question: 

Yes, you can install Umbraco 5.0.1 on Godaddy.com's share host, i just did that. I just rebuild my own website based on Umbraco 5.0.1, and host it on Godaddy's share host. Works well so far.

You can have a look, if you like: http://uwebzone.com

So what steps did you take to install 5.0.1 on your godaddy shared hosting server?

Also which package did you download for 5.0.1 because there is the web deploy and web app?  I've gone to the steps of creating a folder from GoDaddy's admin and then moving files over but still no luck.

I use "Umbraco 5.0.1 CMS Web Application". The installation is pretty easy, alomost same as v4.

BTW, is there any error your got?

This is the errors i get.

Server Error in '/' Application.

Configuration Error

Description: An error occurred during the processing of a configuration file required to service this request. Please review the specific error details below and modify your configuration file appropriately.

Parser Error Message: It is an error to use a section registered as allowDefinition='MachineToApplication' beyond application level.  This error can be caused by a virtual directory not being configured as an application in IIS.

Source Error:

Line 76:   <system.web>
Line 77:     <caching>
Line 78: <outputCacheSettings> Line 79:         <outputCacheProfiles>
Line 80:           <!-- Micro-caching technique to ward against peak traffic. "umbraco-default" profile is used by UmbracoController, the default controller used for regular pages -->

Source File: D:\Hosting\9225819\html\umbraco\web.config    Line: 78

It is an error to use a section registered as allowDefinition='MachineToApplication' beyond application level.  This error can be caused by a virtual directory not being configured as an application in IIS. (D:\Hosting\9225819\html\umbraco\web.config line 98)

It is an error to use a section registered as allowDefinition='MachineToApplication' beyond application level.  This error can be caused by a virtual directory not being configured as an application in IIS. (D:\Hosting\9225819\html\umbraco\web.config line 101)

It is an error to use a section registered as allowDefinition='MachineToApplication' beyond application level.  This error can be caused by a virtual directory not being configured as an application in IIS. (D:\Hosting\9225819\html\umbraco\web.config line 108)

It is an error to use a section registered as allowDefinition='MachineToApplication' beyond application level.  This error can be caused by a virtual directory not being configured as an application in IIS. (D:\Hosting\9225819\html\umbraco\web.config line 114)

It is an error to use a section registered as allowDefinition='MachineToApplication' beyond application level.  This error can be caused by a virtual directory not being configured as an application in IIS. (D:\Hosting\9225819\html\umbraco\web.config line 154)

                      

Version Information: Microsoft .NET Framework Version:4.0.30319; ASP.NET Version:4.0.30319.272

According to your error, Do you install the umbraco on root folder?

This is the following error I get when the files are placed in the root.

Server Error in '/' Application.

Security Exception

Description: The application attempted to perform an operation not allowed by the security policy.  To grant this application the required permission please contact your system administrator or change the application's trust level in the configuration file.

Exception Details: System.Security.SecurityException: Request for the permission of type 'System.Security.Permissions.FileIOPermission, mscorlib, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b77a5c561934e089' failed.

Source Error:

Stack Trace:

[SecurityException: Request for the permission of type 'System.Security.Permissions.FileIOPermission, mscorlib, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b77a5c561934e089' failed.]
   System.Security.CodeAccessSecurityEngine.Check(Object demand, StackCrawlMark& stackMark, Boolean isPermSet) +0
   System.Security.CodeAccessSecurityEngine.Check(CodeAccessPermission cap, StackCrawlMark& stackMark) +31
   System.Security.CodeAccessPermission.Demand() +46
   System.Reflection.RuntimeAssembly.VerifyCodeBaseDiscovery(String codeBase) +118
   System.Reflection.RuntimeAssembly.GetName(Boolean copiedName) +69
   System.Reflection.Assembly.GetName() +12
   Umbraco.Framework.<>c__DisplayClass5.<GetAllAssemblies>b__1(Assembly a) +14
   System.Linq.Enumerable.FirstOrDefault(IEnumerable`1 source, Func`2 predicate) +153
   Umbraco.Framework.TypeFinder.<GetAllAssemblies>b__0(AssemblyName assemblyName) +74
   System.Linq.<>c__DisplayClass12`3.<CombineSelectors>b__11(TSource x) +32
   System.Linq.WhereSelectListIterator`2.MoveNext() +110
   System.Linq.WhereEnumerableIterator`1.MoveNext() +87
   System.Collections.Generic.List`1..ctor(IEnumerable`1 collection) +327
   System.Linq.Enumerable.ToList(IEnumerable`1 source) +58
   Umbraco.Framework.TypeFinder.GetAllAssemblies() +662
   Umbraco.Framework.TypeFinder.GetBinFolderAssemblies() +14
   Umbraco.Framework.TypeFinder.GetFilteredBinFolderAssemblies(IEnumerable`1 excludeFromResults) +83
   Umbraco.Cms.Web.DependencyManagement.UmbracoComponentRegistrar..ctor() +121
   Umbraco.Cms.Web.DependencyManagement.DemandBuilders.UmbracoContainerBuilder`1..ctor(TWebApp httpApp) +81
   Umbraco.Cms.Web.System.Boot.BootManager..ctor(HttpApplication app) +255
   Umbraco.Cms.Web.UmbracoWebApplication.CreateBootManager() +26
   Umbraco.Cms.Web.UmbracoWebApplication.Start() +247
   Umbraco.Cms.Web.UI.MvcApplication.Application_Start() +137

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