Brad,
I would like to express my deepest gratitute for all your help in getting my issue resolved. You're the man !!!
In case anybody else is having a similar issue, here's what worked for me:
THE PROBLEM
I was getting "Object reference not set to an instance of an object" in a Web Application Project as soon as I hit the F5 key (or CTRL + F5) to debug.
THE CAUSE
I think what caused my issue was the fact that I installed FireFox a few months ago and made it my default browser. I was having problems with FireFox in that I was not able to view or run some ASPX websites so I uninstalled FireFox. I then decided to install Advanced Browser (http://www.advancedbrowser.com) and made it my default browser. And again, I uninstalled Advanced Browser for other issues I was having and I think one of these two browser's messed up my Registry.
THE SOLUTION
The following registry key was misteriously removed from my system, therefore WAP failed.
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\App Paths\IEXPLORE.EXE
By adding the following values so that they point to where iexplorer.exe is installed my WAP error went away:
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\App Paths\IEXPLORE.EXE]
@="C:\\Program Files\\Internet Explorer\\iexplore.exe"
"Path"="C:\\Program Files\\Internet Explorer;"
Again, Thank you for all your help !!!