NrmMyth:I share a same problem with few of you:
Visual Studio cannot create or open the application. The
likeliest problem is that required components are not installed on the
local web server. Run Visual Studio .NET setup and add the Web
Development component.
Can someone find a solution to this, i'm getting desperate.
Try deleting
[ProjectName].webinfo in your web root directory.
It just took me about forty-five minutes to figure this out.