I use Visual Studio 2010 to maintain around 40 different web applications that are all housed on the same website upon deployment. These projects are in the same solution b
A solution to automatically copy all linked content files to their "virtual" locations at each build using MSBuild is here:
http://mattperdeck.com/post/Copying-linked-content-files-at-each-build-using-MSBuild.aspx
This ensures that your linked files will be available to the browser when you hit F5.