error accessing web app in IE and VS.NET

[Frustrated]

I was having several errors and decided to recreate the
web site and web application directories and now I can no
longer access it using IE or VS.NET.

The Error in IE is:

Server Error in '/Forms' Application.
-----------------------------------------------------------
---------------------

Access denied to 'C:\INETPUB\WWW ROOT\FORMS' directory.
Failed to start monitoring directory changes.
Description: An unhandled exception occurred during the
execution of the current web request. Please review the
stack trace for more information about the error and where
it originated in the code.

Exception Details: System.Web.Http Exception: Access denied
to 'C:\INETPUB\WWW ROOT\FORMS' directory. Failed to start
monitoring directory changes.

Source Error:

An unhandled exception was generated during the execution
of the current web request. Information regarding the
origin and location of the exception can be identified
using the exception stack trace below.

Stack Trace:
[HttpException (0x80004005): Access denied
to 'C:\INETPUB\WWW ROOT\FORMS' directory. Failed to start
monitoring directory changes.]
System.Web.Nati veDirMonComplet ion..ctor(Strin g dir,
Boolean watchSubtree, Boolean renamesOnly,
NativeFileChang eNotification callback) +208

System.Web.File ChangesMonitor. StartMonitoring DirectoryRenam
esAndBinDirecto ry(String dir, FileChangeEvent Handler
callback) +257
System.Web.Http Runtime.FirstRe questInit(HttpC ontext
context) +324

[HttpException (0x80004005): ASP.NET Initialization Error]
System.Web.Http Runtime.FirstRe questInit(HttpC ontext
context) +926
System.Web.Http Runtime.Process RequestInternal
(HttpWorkerRequ est wr) +128

The Error in VS.NET is:

The File path "C:\Inetpub\www root\Forms" does not
correspond to the URL "http://localhost/Forms"