On one of the email lists that I'm on, someone had posted a question about running a website using the root path "/" or a different virtual path than the project name that is populated by default. James Crowley pointed out a blog entry from
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Read the complete post at http://feeds.feedburner.com/~r/JasonNGaylord/~3/369018878/how-to-override-cassini-s-virtual-path-in-visual-studio.aspx