Asp.net App hosting from Visual Studio

Question

I am new to asp.net development. While running asp.net application visual studio first starts asp.net development environment and the application is hosted in localhost. Can we access the application (Web page) from other PC in the same network like we could do for the application hosted in IIS?

Is there any special configuration required in VS(we are using VS 2010) for that?

Thanks & Regards,

Arijit