Unable to start ASP.NET debugging after upgrading Visual Studio 2005 to 2008

Hello People,
Today I decided to perform an upgrade of Microsoft Visual Studio 2005 to 2008 by running the conversion Wizard. I completed the upgrade process successfully.
Now, when I try to debug any of my code with MS visual studio, I get the error that it cannot start asp.net.
I am running Microsoft Visual 2008 on Windows 7, IIS 7.
Any ideas where I can check next?
Microsoft Visual Studio
Unable to start debugging on the web server. Could not start ASP.NET debugging. More information may be available by starting the project without debugging.
Click Help for more information.
