Visual Studio 2012 ASP.Net error message

Environment: VS 2012, Windows 8

I bought a new Windows 8 PC last week.

First I installed VS 2010 on it but then that wasn't working properly so I uninstalled VS 2010 and then installed VS 2012 professional edition and SQL Server 2012.

Now I am able to create Windows applications but I am not able to run even a simple ASP.Net website.

When I try to view Default.aspx in browser it throws an error message that

"unable to connect to the configured development web server"

so then I went into Add or remove components and installed IIS. but I still get that error message.

Even if I try to save the website at a folder location, the ASP.Net development server is not able to run the web page.

I get the same error message using either IIS or ASP.Net development server.

I am wondering is it Windows 8 security related issue?

How can I make sure my ASP.net Developement server was installed correctly and has the appropriate permissions to run?

Does ASP.net work with regular Windows 8? or do I need Windows 8 pro? Microsoft's website doesn't say anything about it so am assuming Windows 8 should work because the Windows forms application works.

Please advise.I just want to be able to run a simple ASP.Net application to verify the installation.

FYI, the latest .Net framework installed on my machine is 4.0 however I haven't checked if Visual Studio is targeting that framework or not.

Thanks!