Create a Web Project outside of wwwroot

Why can't I create a new web application project outside of the
inetpub/wwwroot directory? When you select create new project
you are allowed to go to other folders. When I do that, and select another folder on the C drive I get a bunch of gray-outs and can go no further. I want to put my project outside of Inetpub and have a virtual directory point IIS to it. Can't this be done?
Thanks
Tom

I think this will work:

Create your folder wherever you want it. Go to IIS and create a virtual folder setting it to point to the folder you created. Now in VS.NET specify that folder name below wwwroot and it should work.

So I was doing it backwards! Forgive my idiocy and thanks!:D

Didn't quite work right. See my new post...