I'm new, HELP!

Question

i'm trying to start up a new vb.net web application(with XP Pro), but i cannot connect to "localhost" to open up a new project. i have double checked and i have the .NET framework as well as IIS installed. this is the error i'm recieving: "Unable to create Web Project 'WebProject1'. The file path 'c\inetpub\wwwroot\WebApplication1' does not correspond to the URL 'http://localhost/WebApplication1'. The two need to map to the same location. HTTP error 500: Server error." i'm very new at this, so any help will be much appreciated! thanks! j.