In Visual Studio .NET, how do I create a new ASP.NET application for an existing ASP.NET project?

First create an IIS application using the IIS MMC. Then in Visual Studio .NET, use the ‘New Project In Existing Folder’ project template (at the end of the template list). It will first ask you for the project name (use the same one you created for the IIS application). Click OK button. Then enter in physical folder location.