"SYSTEM.WEB.DLL " not found ?????

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Hello.

I have created a class, "CompiledPage.v b", and I need to compile it. When I
run (using the VSNet Command Prompt):
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C:\Documents and Settings\Admini strator>vbc /t:library /r:system.dll,
system.web.dll, "C:\Documen ts and Settings\Admini strator\My Documents\My
Projects\ASPNET Projects\VSNet\ CompiledForm\Co mpiledPage.vb"
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I get:
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Microsoft (R) Visual Basic .NET Compiler version 7.00.9951
for Microsoft (R) .NET Framework version 1.00.3705.6018
Copyright (C) Microsoft Corporation 1987-2001. All rights reserved.

vbc : Command line error BC2001 : file 'system.web.dll ,' could not be found
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However, it *IS* really there, in
"C:\WINDOWS\Mic rosoft.NET\Fram ework\v1.0.3705 ".

I also checked corvars.bat, and it contains what I need (I edited it a but
for clarity, creating separate lines for each folder):
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Set Path=C:\Program Files\Microsoft Visual Studio NET\FrameworkSD K\Bin\;
C:\WINDOWS\Micr osoft.NET\Frame work\v1.0.3705\ ;
C:\Program Files\Microsoft Visual Studio .NET\Vc7\bin\;
C:\Program Files\Microsoft Visual Studio .NET\Common7\ID E\;
%PATH%

Set LIB=C:\Program Files\Microsoft Visual Studio .NET\Vc7\lib\;
"C:\Program Files\Microsoft Visual Studio .NET\FrameworkS DK\Lib\";
%LIB%

Set INCLUDE=C:\Prog ram Files\Microsoft Visual Studio .NET\Vc7\includ e\;
"C:\Program Files\Microsoft Visual Studio .NET\FrameworkS DK\include\";
%INCLUDE%

Set NetSamplePath=C :\PROGRA~1\MICR OS~1.NET\FRAMEW ~1\Samples\
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I'm puzzled. Do I need to re-register system.web.dll ? I don't think so,
because VS.NET works fine. It's only this vbc which gives me headaches.

I have *TWO* net frameworks, actually: the one which came with my VS.NET
(C:\WINDOWS\Mic rosoft.NET\Fram ework\v1.0.3705 \) and the one which came with
windows (C:\WINDOWS\Mic rosoft.NET\Fram ework\v1.1.4322 \). I wonder.... could
*THIS" be the problem ?

Thanks a lot, Alex