Can't load web project

[art]

When I try to load a project, I get the dread
message "Visual Studio.Net has detected that the
specified web server is not running ASP.NET version 1.1.
You will be unable to run ASP.NET applications or
services."

I have 1.1.4322 installed, and the previous 1.0.xxx
version uninstalled and the directory deleted. I have
run aspnet_regiis -i and it seems to run OK.

The correct version is listed under Web Properties as an
ISAPI filter.

What's the solution?

Thanks,

- Art