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
Try running VS as admin. If it does not work check if you have IIS metabase folder permission. Open up windows explorer (Win + e). Type the following to address bar:
win 7, win 8.1, win 10 %systemroot%\System32\inetsrv\config
win 8 professional %systemroot%\inetsrv\config
Allow access if needed. Go into \Export\ folder and allow access again.
Source here