To debug you need either VS 2003 or Web Matrix to work with .NET 1.1.
To compile you will need to use http://www.codeplex.com/MSBee
Are you sure that your servers only have 1.1? If ASP.NET 2.0 was installed after the server was setup then ASP.NET 2.0 might not be registered with IIS.
Have the admin look at this article to do this http://www.devx.com/vb2themax/Tip/18849
Otherwise tell your boss that you need ASP.NET 2.0 installed or you will be forced to spend way more time that is necessary to work on your applications.