Make sure you have install .net framework 3.5 properly.
if you don't have framework.Net 3.5 installed - just go START button on your computer and click WINDOWS UPDATE. It will search for all the available updates including optional and it will show you Framework.Net 3.5 SP1 to install or go directly to microsoft.com and search for framework.net 3.5 sp1. Once you install it your problem will be solved.
check for IIS server if its registered then use aspnet_regiis -i to register .NET to IIS Server.
go through this link
http://stackoverflow.com/questions/515354/vs-2008-unable-to-connect-to-the-asp-net-development-[
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Hope this will be helpful to you :) :thumbsup: