The below link contain some useful answers:
Unable to start debugging on the web server. Could not start ASP.NET debugging VS 2010, II7, Win 7 x64
Like this answer:
1)
Try going to IIS and checking to make sure the App Pool you are using
is started. A lot of times, you will produce an error that shuts down
the app pool. You just need to right click and Start and you should be
good to go.
2) And this answer
Turns out that the culprit was the IIS Url Rewrite module. I had
defined a rule that redirected calls to Default.aspx (which was set as
the start page of the web site) to the root of the site so that I
could have a canonical home URL. However, apparently VS had a problem
with this and got confused. This problem did not happen when I was
using Helicon ISAPI_Rewrite so it didn't even occur to me to check.
I ended up creating a whole new web site from scratch and porting
projects/files over little by little into my solution and rebuilding
my web.config until I found this out! Well, at least now I have a
slightly cleaner site using .NET 4.0 (so far, hopefully I won't run
into any walls)--but what a pain!