Cannot run ASP.NET after deleting Framework 2 - IIS error?

I've come across this problem before but can't remember how to fix it.

I installed the Framework 2.0 Beta on one of my systems but deleted it a couple of days ago. Now I find that whenever I run a web project from VS.Net I encounter the following error:

"Visual Studio cannot create or open the application because the web server on this computer is not running. Start the web server before proceeding."

The web server IS running, however. I've taken a look at the 'Services' in the Admin Tools on XP Pro and one thing is obviously out of place. The ASP.NET Admin Service isn't running (it's set to Automatic) and can't run because the 'path to executable' is still pointing to the now deleted Framework 2.0 directory.

The file aspnet_regiis.exe in the 1.1 directory rung a bell and I've tried using it to delete all installations and IIS mappings of ASP.NET before using it to reinstall 1.1 and its mappings. Still no luck.