VS2005 does not run or debug web project using IIS instead it uses ASP.NET Development Server. This web host environment dynamically selects a port and begins hosting the web site in a manner that is only accessible to the local host. 

ASP.Net Development Server i.e. WebDev.WebServer.EXE can be found in %WINDIR%\Microsoft.NET\Framework\v2.0.XXXXX. but you need to install VS2005.

you can use the following command to execute this server

WebDev.WebServer [/port:<port number>] /path:<physical path> [/vpath:<virtual path>]