I've got vb.net 2005 on two different machines. On one machine I can set the compile option to 'debug' or 'release' by
1. right-click project; select compile tab; use drop down labelled 'configuration' at top of form
2. from the menus at top of IDE select Build -> configuration manager ->set debug from drop down labelled 'active solution configuration'.
On the other machine (1.) is greyed out and (2) is not available