so how can i assign read/write access to this account (Network Service) or should i create a new account? the WCF service will be on public domain
i am using IIS6
It's best practice to make this a new account that you can control the direct privileges too, since Network Service can have a bit higher level of permissions. You can change this under the Application Pool in IIS that your website hosting WCF is running as.
Then wherever your website needs the read/write access grant to this new account.