Scott Guthrie posted a great article on “How to Run a Root “/” Site with the VS/VWD 2005 Local Web Server”
What I found interesting, and what I wanted to mention is the ability to fire the built-in server by hand. Check out the article and play with the new WebDev.WebServer.EXE. Pretty neat trick.
Also found this neat trick over on Robert McLaws blog. “ASP.NET 2.0 Web Server Here Shell Extension”. He has actually set it up so you can right click on a folder and start a new development web server on the fly. Pretty slick stuff.