Asp.net 2.0 Visual Studio 2005 permissions problem

If you get the error below when using asp.net 2.0, check your file permissions on your folder and files contained within. I had this problem with .net nuke dot net nuke 3.0 with visual studio 2005. I wish it just told me there was a permissions problem. I found out by the event log.

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Unable to start debugging on the web server. Server Unavailable
Server Application Unavailable
The web application you are attempting to access on this web server is currently unavailable. Please hit the "Refresh" button in your web browser to retry your request.
An error message detailing the cause of this specific request failure can be found in the application event log of the web server. Please review this log entry to discover what caused this error to occur.
Make sure the server is operating correctly. Verify there are no syntax errors in web.config by doing a Debug.Start Without Debugging. You may also want to refer to the ASP.NET and ATL Server debugging topic in the online documentation.