ASP.Net applications and Services are Locked down in IIS

Incase you get the error while loading projects in VS.

try following;
1. Open IIS.
2. Expand local computer.
3. Click "Web Service Extensions"
4. Select appropriate web service extension. In this case ASP.NET vX.X
5. Click the button named "Allow".

This might happen when there is different versions of .Net Framework is installed on the same system.

Reference URL:
http://www.microsoft.com/technet/prodtechnol/WindowsServer2003/Library/IIS/44f16c37-f727-4244-9813-2289e13dadba.mspx?mfr=true