Ok, first of; here\'s what I did:
I had a similar error yesterday. For me the problem was that the output of the build was empty in the target folder.
I tried to answer a similar question https://stackoverflow.com/a/9411422/182371:
Check %UserProfile%\AppData\Local\dftmp\IISConfiguratorLogs\IISConfigurator.log file for the error messages. Mode details at https://stackoverflow.com/a/8432621/182371
Make sure that the build output of your project is not empty. You can do this by going to IIS, find the site with the name similar to 'deployment16(6).WindowsAzureProject2.WebApplication3_IN_0', right click --> Explore.... Make sure that this folder is not empty and contains all the files required to start a web project successfully.
As for the Access Denied error:
it could be just an IIS default setting to disable browsing. To resolve that, just navigate to that web site in IIS, find Directory Browsing icon, and press Enable. You will at least see the files inside that directory.
Also try not only 127.0.0.1:81, buta specific document inside that folder, like 127.0.0.1:81/Default.aspx
Take into account the fact that there's sometimes some mess with the ports. You see that in the error message it's port 82, but in your browser it's port 81. So make sure you're using the right port. Or, even better, in your service definition try to use some non-standard port for this to avoid remapping.