I have installed Visual Studio 2008 and am running it as a non-Administrator user.
I have a Web Application project I am developing and would like to debug it using
Is there already a website created within IIS for your project? Writing to the IIS metabase does require admin access. If you setup the website as an admin you may be able to debug it as a non-admin. One thing to try/test is to just point IIS at your website's folder and get it running, then use Visual Studio to do a process attach to the w3wp process.