I got this error today when trying to open a Visual Studio 2008 project in Visual Studio 2005:
The imported project \"C:\\Microsoft.C
This error can also occur when opening a Silverlight project that was built in SL 4, while you have SL 5 installed.
Here is an example error message: The imported project "C:\Program Files (x86)\MSBuild\Microsoft\Silverlight\v4.0\Microsoft.Silverlight.CSharp.targets" was not found.
Note the v4.0.
To resolve, edit the project and find:
v4.0
And change it to v5.0.
Then reload project and it will open (unless you do not have SL 5 installed).