We are currently working on ASP.NET application using a local IIS installation for development. Whenever we setup a fresh machine we receive the following error:

The Web Application Project Web is configured to use IIS. Unable to access the IIS metabase. You do not have sufficient privilege to access IIS web sites on your machine.

A quick google search gives the answer.

Go to %systemroot%\System32\inetsrv\config and enter the directory. Confirm the access right request and problem solved.