Visual Studio .Net has detected that the specified web server is not running asp.net version 1.1, You will be unable to run ASP.Net Web Applications

Problem: If you start Visual Studio .Net 2003 and get the following error:

"Visual Studio .Net has detected that the specified web server is not running asp.net version 1.1, You will be unable to run ASP.Net Web Applications or services"

There are several ways to go about fixing this error.

Solution:
From "C:\WINDOWS\Microsoft.NET\Framework\v1.1.4322", run "aspnet_regiis.exe -r". The following messages will appear

Start replacing ASP.NET DLL in all Scriptmaps with current version (1.1.4322.0).
Finished replacing ASP.NET DLL in all Scriptmaps with current version (1.1.4322.0).

When execution has completed, you can start VS.Net and load a web application without any problems.