Problem loading ASP.NET web app into VS2008 / Windows 7

I have a Windows 7 machine. When I load an ASP.NET web app into Windows 7, I get this error message: 

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Unable to open the Web site 'http://localhost/authservice'. To access local IIS Web site, you must
install all of the following Windows components:

Internet Information Services
IIS 6 Metabase and IIS 6 Configuration Compatibility
ASP.NET

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I have IIS version 7.5.7600.16385. The web app in question is running as an IIS application under the default web site.

Thanks,

Mike