Problem using ASP.Net in VB 2003

Hey guys, i got this project that requires me to create some webforms, but each time i tyr to open up a project with the ASP.Net application i keep getting an error message.

Visual Studio.net can open or create the application because no web server was detected at this URL: http://localhost/WebApplication1.
Make sure the server is installed and running.

So i replaced the name of the web application part and put the server name, yet i keep getting the errors. Any tips for me?

Start > Programs > VS 2003 > VS 2003 Tools > VS Command Prompt

aspnet_regiis -i

It doesnt work, i keep getting the same message