help! "Server Application Unavailable"

Hi, just open a new >VB.NET>"ASP.NET Web Application" project. IMMEDIATELY after I loaded the project on screen, I Ctrl-F5 and compiled the project. I had the following error and have no idea why?

"Server Application Unavailable
The web application you are attempting to access on this web server is currently unavailable. Please hit the "Refresh" button in your web browser to retry your request.

Administrator Note: An error message detailing the cause of this specific request failure can be found in the system event log of the web server. Please review this log entry to discover what caused this error to occur."

Any idea? The code compiled with no error msg. But cant access it via http://localhost/hour5/WebForm1.aspx for some reason?

http://127.0.0.1/hour5/WebForm1.aspx didnt work neither... and i have no idea what the problem is.

I enabled directory browsing, and I was able to browse the files in the webapp's directory with Internet Explorer however. Also, annonymous access is enabled for this site, for the sake of simplicity during the initial development process.

help!