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Hi,
It should be be that case. If you can build a project and debug it properly in vs.net 2003, it should work.
try this:
http://127.0.0.1/myapp/default.aspx
Are you sure your IIS can run ASP.NET?
If cannot, load up your vs.net 2003 command prompt and type aspnet_regiis -i
Hope it helps you somehow :)
Cheers.