Problem in opening / creating new web project in vs.net 2003

Hi all,

I have been having this problem for 3 days. 
What's happening is, I will always get " Unable to open Web project
'<project_name>'. The Web '<project_name>' located on server
'http://Localhost:' does not exist. " when I try to open existing web
project.

And when I create new web project, I will always get "Unable to create Web
project 'WebApplication2'. The file path 'C:\Program Files\Microsoft SQL
Server\InetPub\wwwroot\WebApplication2' does not correspond to the URL
'http://localhost/WebApplication2'. The two need to map to the same server
location. HTTP Error 404: Object No Found."


Wonder why it points to "C:\Program Files\Microsoft SQL Server\..." 
?

Under Tools->options in visual studio, there's Web Settings, and I can set my
Preferred access method.
It is File Share by default, how does that work ? is that related to where it
points to ? or....I am just trying to find out how's that SQL Server path
appears in there.


Dr. Google always talking about virtual directory, permission, .NET Version of
the application. I have checked all of those, and its all good. 
I have also reinstalled all my IDE, still does not work.

This only happen in my vs.net 2003, does not happen in my 2005.

I'm running on windows xp and iis 5.

Any help or suggestion would be highly appreciated.

Thank you very much for your time,

Regards,

recruit

Hi again,

I ended up re-installed my IIS, removed my inetpub directory and I ran the
aspnet_regiis -i at the end, just because I have vs.net installed prior to IIS.
And it works fine.

Maybe removing inetpub directory is not necessary, but I am just being paranoid
and really wanna have a fresh copy of the directory and all permissions.

What's causing the problem ? I don't know.

Thanks,
Recruit