ASP.NET v1.1 application would not debug.

Error message I originally received:

Error while trying to run project: Unable to start debugging on the web server. Server side-error occurred on sending debug HTTP request.

Make sure the server is operating correctly. Verify there are no syntax errors in web.config by doing a Debug.Start Without Debugging. You may also want to refer to the ASP.NET and ATL Server debugging topic in the online documentation. Would you like to disable future attempts to debug ASP.NET pages for this project?

At which time I DID go look at the computer's event logs in event manager under the 'application' category. The error there was:

Failed to execute request because the App-Domain could not be created. Error: 0x80070005 Access is denied.

SOLUTION:
At which time I read a Microsoft article stating that this is usually due to insufficient permissions on ALL files under the directory of the app. I had previously only checked the app folder itself, but sure enough, the ASP.NET machine account was not found on the files of the app themselves. Once assigned, the app started up as normal.