This may have nothing to do with registering ASP/IIS. The reason is exactly what the error message says: Visual Studio devenv.exe is not running with sufficient privileges to access the IIS process, and it needs to do this if your solution contains a web project whose Web settings say to use IIS rather than the VS dev server.
There are two solutions to your problem:
- Run VS as an Administrator and reopen the solution/project.
Edit the web application's project file with a text editor and change this line
from True to False:
<UseIIS>True</UseIIS>
That will stop it using IIS and demanding higher privileges.
The reason VS demands Admin privileges is, I believe, because it will try and create the IIS web site for you on demand if it doesn't exist.