I just installed VS2013 and turned on IIS 7 on my Windows 7 Ultimate x64 machine. When trying to open a solution I get:
Creation of the virtual direct
Go to C:\Windows\System32\inetsrv. Click config folder. You will get a popup - "You don't have access to this folder - Click continue to permanently get access to this folder". Perform same for Export folder which is inside config folder. You should be able to open the solution and the web application project will be deployed on IIS.