Web Access Failed

Hello,
Does anyone know what to do when you are trying to open a new ASP.Net web Application for the first time and you get this error (please when answering be as detailed as possible THANK YOU).
Error:
The Default web Access mode for this project is set to file share, but the project folder at 'http://localhost/webapplication1' canont be opened with the path 'c:\inetpub\wwwroot\webapplication1'. The error returned was:
Unable to create web project 'WebApplication1'. 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. HTTP Error 500: Server Error.

I tried re-installing it and I installed the IIS.

I think you have a problem with rights over your inetpub/wwwroot directory. Open Windows Explorer, right click it and select Sharing and Security. Add yourcomputername\ASPNET user to the list of users and give him Read, Write and Read and Execute rights. Do the same with the directory that is referneced as virtual directory for your app under IIS. Should help.

Unfortunately, it did not work =0(. Please any suggestions.

ab, unfortunately this is a very late response I was hoping you may have resolved the problem by now. If so I'd love to hear what the solution was!! Im currently having the same prob.

Friends,
I have suffering the same problem like you guys. I have tried all the suggestions listed but no joy. If anyone of you found the solutions much obliged if you could share it with me. Thanks in advance.

Cheers,
Lennie