I cannot create a project in localhost root. Why?

[Deane]

When I try to create a new ASP.Net project in Visual Studio, it prompts
me to create it here:

http://localhost/WebApplication1

I want this application to be in the root of the localhost
(C:\inetput\wwwroot), so delete the "WebApplication1" part of the path.

Whenever I do this, the "OK" button is disabled (text turns from black
to grey).

If I put anything after "http://localhost/" (meaning I want to create
an app in a subdirectory), the "OK" button comes back.

Visual Studio is essentially telling me that I cannot create a project
in the root of localhost. Why would this be?

Deane