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visual studio.net http404 error HELP!

Nirvana1979

Junior Member
Whenever I try to create a new project in visual studio.net, I get an error that says, in essense, localhost/webapplication1 does not map to inetpub/wwwroot. I do have IIS up and running, but no matter what I do, I can't get a new web project to open!!

Can anyone give me some guidance, pleeeeeeeese.
 
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