Same Problem here ! up up up
I thought I found the answer here:
http://geekswithblogs.net/marocanu2001/archive/2008/05/20/annoying-visual-studio-2008-little-bug.aspxBut after adding the IIS Compatibility Roles to my IIS, I still have the same problem.
Update: it seems to be because it is a web application (C# in my case) and VS is trying to access directly the virtual directory declared in the solution
Running Visual Studio as an administrator / elevated priviledges will give you more explicit error messages.
For me I discovered that .NET2 wasnt properly installed and that a VirtualDir was also missing for the project to open.
Hope this helps