No Way Out was a professional wrestling pay-per-view event made by World Wrestling Entertainment ( WWE ) . It took place on February 15 , 2004 at the Cow Palace in Daly City , California . No Way Out ( 2004 ) was a professional wrestling pay-per-view ( PPV ) event produced by World Wrestling Entertainment ( WWE ) , which took place on February 15 , 2004 at the Cow Palace in Daly City , California .