I had a problem while opening a asp.net project in visual studio 2003 ide and i had a message that the project i created is asp.net 1.1 but on my computer i have asp.net 1.0 on my IIS.
I suggest that you upgrade to Visual Studio 2005. If you are currently taking a CS class at SIUE, then you can use your e-id to download it here (http://software.cs.siue.edu).
If you are not a student at SIUE then you should probably look for help in a more general resource like (http://msdn.microsoft.com)
Visual Studio 2005 has its own internal web-server for debugging projects. This mini-server should work with whatever .NET version you created the project in. Another advantage of the VS2005 internal web-server is that it removes the need for you to have IIS installed on your local machine (which can sometimes be a security problem).