When I try to create a new ASP .Net Web Application I do receive this error:

The default Web Access mode for this project is set to file share, but the project folder at "http://localhost/Webapplication1" cannot be opened with the path "C:Inetpub\..."

The error returned was:
Unable to create Web project 'WebApplication1'. The path
'C:\Inetpub\...' does not correspond to the URL
'http://localhost/WebApplication1'. The two need to map to the same server location. HTTP Error 503: Service Unavailable

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Im quite new with ASP .NEt, So Im clueless with this error. Ive tired searching but i dont have that damn luck yet. So any help would be appreciated. Thank you Very much