I encountered the problem also and while trying to solve the problem i stopped IIS admin services (though 3 other services went down with it) then i tried to run my application again and everything was fine.

 Another thing that i did on another system with the same problem is to build the website before running it (manually by right clicking the site in the solution explorer and selecting "build web site") then press F5 to run the application.

 i hope these steps help.