Not sure how to architect inside VS 2005

[IronYuppie]

I’m looking to create a set of sites but I'm having some trouble with the
actual implementation in VS and ASP.net. The sites are fairly basic, but
they'll share a lot of controls and common code.

Here's my directory structure:

Root
|
|-CarSites
| |
| |-CarSite1
| |
| |-CarSite2
|
|-MotorcycleSites
| |
| |-MotorCycleSites1
| |
| |-MotorCycleSites2
|
|-CommonControls
| |-Lots of common controls
|
|-App_Code
| |-Lots of abstracted code
|
|-Bin (Binary Assemblies)
|-Binary assemblies

Obviously, this would be for (theoretically) an infinite amount of sites.
This works fine when the page is loaded on the server (via web matrix), but
when I do anything via IIS (either locally or remotely), i get a lot of
"Cannot load/find the master page" (which is in the same directory as the
subsite (and leads me to change it from ‘~/CarSites/CarSite1/CarSite1.master’
to ‘./CarSite1.master’ ) and/or

Parser Error Message: Cannot use a leading .. to exit above the top directory.

Source Error:

Line 3: Title="Untitled Page" %>
Line 4:
Line 5: <%@ Register
Src="../../../UserControls/GenericControls/Validators/Some_GenericValidator_Email.ascx"


My thought was that he could do the entire project in one directory, and
have IIS point at the websites directly (e.g. www.CarSite.com would just
point directly at c:\root\carsites\carsite1). Is this architecture way off
for this kind of functionality?

Should each of those sub folders be a new web project? And where did the
"New ASP.NET Project" go in the new > projects?