Help:Could not open web .application project

[Dinesh Upare]

I an facinga strange problem.
When I try to open any of my web application project I get a Web Access
Denied MEssage saying that.
the wwwroot is in a shared mode and localhost/WebApplication does not
exists.

I gave administrator rights to the ASPNEt account on wwwroot directory but
still problem exists.

Do I need to reinstall the VS.NET again?

Thanks

Dinesh