If your web project doesn't load in Visual Studio with the error beneath, I might have a solution.

'Creation of the virtual directory http://localhost:xxxx failed with the error: Unable to access the IIS metabase. You do not have sufficient privilege to access IIS web sites on your machine.'

First you have to try these:
1. Running Visual Studio as Administrator
2. Running aspnet_regiis.exe -ga MyUserName
3. Running aspnet_regiis.exe -I
4. Checked security here: %systemroot%\System32\inetsrv\config 

Maybe there is something wrong with the settings of Visual Studio.

Check if this setting has a correct path:

And check these 3 path settings too: