Cannot Create Web Projects on Windows Server 2003 with VS.NET 2003

I cannot to create project in Windows Server 2003 with Visual Studio ..NET 2
003;
The error returned was:


The default Web access mode for this project is set to file share, but the p
roject folder at 'http://localhost/WebApplication1' cannot be opened with th
e path 'd:\inetpub\wwwroot\WebApplication1'. The error returned was:

Unable to create web project 'WebApplication1'. The file path 'd:\inetpub\ww
wroot\WebApplication1' does not correspond to the URL 'http://localhost/WebA
pplication1'. The two need to map to the same server location. HTTP Error 40
4: Not Found 

Please.. help me!
Regards!
Sitima