After installing service pack 1 for Visual Studio 2010 cannot create web site in IIS. Here is error message:
--------------------------- Microsoft Visual Studio -
Have you tried run Visual Studio with "Run As Administrator" from right click?
Try changing the .Net version your Application Pool is using.
I don't know if you have to restart IIS or not, but it won't hurt.
This happened to me when I deleted the default application pool.
Thanks to a Microsoft Connect report, I was able to solve this by choosing a new default application pool under the "Web Site Defaults" properties of the Sites node in the IIS 7 Manager tree.
I found the answer here: Visual Studio 2013. You do not have sufficient privilege to access IIS web sites on your machine
IIS stores a config file on your personal drive. At my company our shared drive was down for maintenance and I was getting this error. Once the drive came back online VS.NET started working again.