I have just installed .Net, have IIS installed also and tried to run an ASP web application. It tries to start and i get the error "Unable to create web project. The file path c:/inetpub/wwwroot/webapplication1 does not correspond to the URL http:/localhost/webapplication1. The two need to map to the same server location. Error http:404 file not found"
Am i doing something completely wrong? All i am doing is opening a new project.
Can anyone help out a newbie with what i hope is a relatively comman and easy problem?

Thanks in advance.
ps...i have written apps in vb.net but this is my first trip into the ASP world