For most folks working with ASP.NET, this should be taken as essential information... Don't let the Whidbey reference in the first paragraph fool you, by the way, this post describes how to accomplish debugging as a non-admin in Visual Studio .NET 2003.
Debugging an ASP.NET application as a non-admin
The debugger team has gotten many requests to debug ASP.NET applications as a non-admin. In Whidbey, the ASP.NET team did a good job solving this problem. Their solution is much nicer then mine. In the mean time, here is a way that you can get this scenario to work in the 7.1 IDE. I hope this helps. If it doesn't work for you, you can post a comment, but don't call PSS. This isn't supported....