Testing ASP.NET on Home Computer

I've done some searching through and can't find the answer to my problem so I apologise if what I am asking has already been posted.

I want to test some ASP.NET web apps on my home computer as I don't have access to a server. I have VS.NET 2003 installed and the .NET framework v1.1. When I try creating an ASP.NET web app in the location of localhost I get an error saying that "Visual Studio.net has detected that the specified Web server is not running ASP.NET version 1.1."

I have IIS installed but not Windows Server 2003 which from reading various things I think I need.

I am using Win XP Pro. If anyone could explain what I need to do/have then I would be very grateful. Thanks.

Run this from the command prompt:
C:\WINDOWS\Microsoft.NET\Framework\v1.1.4322\aspnet_regiis -i