What is going on with this 'localhost' project in visual studio?

Question

I have a visual studio solution and when I opened it I got an error saying:

"http://localhost:55365 : error : Unable to open the Web site 'http://localhost/_1'. To access local IIS Web sites, you must install the following IIS components:

In addition, you must run Visual Studio in the context of an administrator account.

For more information, press F1."

What is strange is that nothing is listed to install. NOTE : I have run visual studio as administrator. This is a screenshot of the solution in the explorer...

Really I have 2 questions:

1) What is the project type of the second project in the solution explorer?

2) Why wont it load? I do have IIS installed and I have other sites that run under the web development server....

Answer 1

1. Web Application or Web Site.
2. Project was pointing to a local IIS web site but this doesn't exist anymore.

About 2), maybe you erased by error your web site code and its physical folder, or the IIS web site.