If you are getting following error after converting asp.net project to latest version..

To access local IIS Web sites, you must install the following IIS components: Internet Information Services IIS 6 Metabase and IIS 6 Configuration Compatibility

Try this solution:

open Control Panel, click Programs and Features

Expand Web Management Tools, expand IIS 6 Management Compatibility, and then select the IIS 6 Metabase and IIS 6 configuration compatibility check box.

Expand World Wide Web Services, expand Application Development Features, and then select the ASP.NET check box.

To enable Visual Studio to debug applications, you must configure IIS 7.0 with the Windows Authentication module. Expand World Wide Web Services, expand Security, and then select the Windows Authentication check box.

Reference: http://msdn.microsoft.com/en-us/library/aa964620.aspx