Can't open web forms - web access failed

Hi,
I've been trying to open web forms but i keep on seeing the following messages:

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\wwwroot\WebApplication1'.The error returned was :
Unable to create web project 'WebApplication1'.The file path 'C:\inetpub\wwwroot\WebApplication1' does not correspond to the URL 'http://localhost/WebApplication1'.The need to map to the save server location.HTTP Error 404:Not found - file doesn't exit or is read protected.

The IIS is running and i don't know to go about the whole thing 'cos i'm new to vb.net.

If someone have an idea , I'll greatly appreciate your help