May 08, 2007 01:51 AM|Kevin Yu - MSFT|LINK
I tried it on my machine and get the same result as yours.
Since in VS2005 supports running web application from its own development server, I suggest you use this option to run the migrated app.
Select "Use Visual Studio Development Server" in the Web tab in project properties. You will be able to run it. It works will on my machine.
HTH. If this does not answer your question, please feel free to mark the post as Not Answered and reply. Thank you!