If you're getting the above error when loading your Visual Studio project, you should first ensure that the web server on your PC is running. Then confirm that .NET is installed by running "aspnet_regiis -i" in your windows\microsoft.net\framework\v1.1.4322 folder. Then open up Control Panel->Administrative Tools->Internet Information Services, and ensure the web site is running.

If you try to start the "Default Web Site" on your PC and get a strange error, make sure you don't have Skype running. It listens on port 80, preventing IIS from doing so. Which prevents your web projects from running in Visual Studio. :)