COMException when opening WebApplication project

I recently go the following error while opening a Visual Studio solution: "System.Runtime.InteropServices.COMException". Not very explicit, is it?

I found a page in VisualStudio feedback explaining that this is a bug in Visual Studio 2008, that should be corrected "in the next release"...

The explanation is that VS is trying to locate your Web Application in IIS. Look into your project file *.csproj in the <WebProjectProperties> section, the searched URL is indicated in the <IISUrl> tag.

The solution is simple: in the <UseIIS> tag change "True" to "False" and your project will open like a charm.