You can either go to msdn web Dev blog or check out steps and links given below. Actually all the content that you see below is just copy pasted from above link. So it will be much better if you check out the link.
The Visual Studio team has just released a down loadable hot fix, which fixes problems resulting in such errors, and also enables the ability for Visual Studio 2005 to F5 debug web applications on IIS7 in Vista Home versions.
The following steps should be done to properly configure your IIS7/Vista environment for building ASP.NET web applications using Visual Studio 2005:
- Install Visual Studio 2005 SP1
- Install Visual Studio 2005 Update for Vista
- Install Visual Studio 2005 hot fix for F5 authentication errors
- Configure required IIS7 components
- Run Visual Studio using the "Run As Administrator" option on the right-click menu