Trouble setting up IIS/ASP.NET development environment

I have Visual Studio Pro 2008 and I'm trying to work out a problem running the very first ASP.NET project I've created.

I've created a new Visual Basic project using the Web Application template and it created the Webc.onfig file as well as the Default.aspx file.

In the Default.aspx file, all I added was a Hello World!  In the body of the HTML that was automatically generated.

I've compiled the app, which lives in a folder under InetPub/wwwroot folder.

In the IIS Admin screen, I set up a virtual website to point to the physical folder, I set the permissions for that folder to allow reads and script execution, enabled Anonymous Access, and authentication is done through Integrated Windows authentication.  

Figured out that I had not installed Frontpage Extensions, so, went back and added those, and as far as I know, I've enabled them.  When I tried to navigate to my application through a browser, using a URL such as:

http://localhost/fb_feng_shui/Default.aspx

I first got an error about the user not having permissions to read the meta-something or another... which I was able to lookup and correct using aspnet_regiis -ga ASPNET

Now, I get the error below when I try to access the application directly through the browser.

However, if I enable debugging in the Web.config file and run it through the VS IDE, then VS navigates to it like so:

http://localhost:1114/Default.aspx

And that works perfectly.

Now, I'm just running this all on a stand-alone computer, connected to my home router.  I do have to login to my computer, so, I'm logged in as a local machine account, and there is no domaine controller... if that makes a difference...

Any ideas on how to proceed?  As I said, running it through the debugger doesn't generate the error, so, I can't figure out what is generating the error when not run through the debugger.

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Object reference not set to an instance of an object. 
Description: An unhandled exception occurred during the execution of the current web request. Please review the stack trace for more information about the error and where it originated in the code. 
 
Exception Details: System.NullReferenceException: Object reference not set to an instance of an object.
 
Source Error: 
 
An unhandled exception was generated during the execution of the current web request. Information regarding the origin and location of the exception can be identified using the exception stack trace below.  
 
Stack Trace: 
 
 
[NullReferenceException: Object reference not set to an instance of an object.]
   System.Web.Hosting.ISAPIWorkerRequestInProc.GetServerVariable(String name) +1579
   System.Web.Security.WindowsAuthenticationModule.OnEnter(Object source, EventArgs eventArgs) +103
   System.Web.SyncEventExecutionStep.System.Web.HttpApplication.IExecutionStep.Execute() +92
   System.Web.HttpApplication.ExecuteStep(IExecutionStep step, Boolean& completedSynchronously) +64
 
 
 
 
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Version Information: Microsoft .NET Framework Version:2.0.50727.1433; ASP.NET Version:2.0.50727.1433