OK, so you’ve worked-out how to run VS2005 as an administrator (create a new shortcut to devenv.exe, and check the box in the Compatibility tab).

But you can’t browse the IIS metabase and you still can’t create or debug an IIS application. Worse, you get a spurious error message about missing FrontPage server extensions! Well, you’re right in thinking you don’t need FP server extensions. The thing you really want is called the IIS6 compatibility layer for IIS7. It’s configured via Control Panel | Programs & Features | Turn Windows features on or off. Then drill down into IIS as shown here.

Whilst there, you should make sure that you have ASP.NET enabled

And, if you want F5 debugging (which, of course you do,) you need Windows security too

Now, use IIS manager to configure your Web application. It should use the ASP.NET 2 Application pool

And you will need to enable Windows authentication for your Web:

There’s an excellent post which explains what’s going-on here: http://mvolo.com/blogs/serverside/archive/2006/12/28/Fix-problems-with-Visual-Studio-F5-debugging-of-ASP.NET-applications-on-IIS7-Vista.aspx