Web Access Failed error message

[Bremanand]

hi..
When am attempt to create web application using Visual Studio 2003
it shows the error message as Web Access Failed..which is in the form of following......

The default web access mode for this project is set to file share,but the project folder at
'http://localhost/WebApplication1' cannot be opened with the path 'c:\inetpub\wwwroot\WebApplication1'.the error retured was:

Unable to create web project 'WebApplication1'. Unable to validate that the file
path 'c:\inetpub\wwwroot\WebApplication1' matches the URL path 'http://local host/WebApplication1'.
Access denied


Please kindly get me the solution soon..

Thanks&Regards,
Bremanand.S