Before creating your web project in VS.NET, perform these steps:
1. Create a new folder where you want your web project files to reside.
2. Convert the folder into a virtual directory using IIS.
Open Visual Studio .NET and perform these steps:
1. Create a new web project.
2. In the Location text box in the New Project dialog box, type the virtual directory name of folder you created.
Visual Studio .NET will proceed creating the web project in the specified folder.