I have a site that i have been developing.. I decided to start over from scratch, so...I have created a new directory and modified the security for that directory - allow all on Users(LAPTOP\Users), allow all on IIS_IURS (LAPTOP\IIS_IUSRS) and allow all on NETWORKSERVICE - I went to Webmatrix and created site from folder (SM1) , the site when i run it in a browser installs dnn. ver 6.1.5 - no errors, install went fine.

I use Visual studios 2010, but when i try to launch VS from webMatrix it launches Visual studios 2008. The site comes up fine in the VS2008. 

Few questions here. How do I get it to open in VS2010?

When I try to open the site in VS2010, I get the following window

The Web site 'C:...\SM1\' is configured to run on an older version of the .NET Framework. Do you want to upgrade the Web site to use .NET Framework version 4.0(...change later using Poject Properties...) 
check/ do the same for all webs targeting an older .Net Framework in this solution

I agreed to this upgrade.

Now when i go to my browser and reload the site, i get the following error:

Server Error in '/' Application.

---

Configuration Error

Line 124: --> Line 125: <!-- set debugmode to false for running application --> Line 126: <compilation debug="false" strict="false" targetFramework="4.0"> Line 127: <buildProviders> Line 128: <remove extension=".resx"/>

Source File: C:\inetpub\wwwroot\SM1\web.config    Line: 126 

I see the problem:
Version Information: Microsoft .NET Framework Version:2.0.50727.5448; ASP.NET Version:2.0.50727.5456  

But I have no idea how to resolve this. 

Please advise,
A timely response is needed, my time frame is very critical at this point. Appreciate any assistance anyone can give.

is this the correct way to do what you suggested?

Chances are you need to install .NET 4 (Which will also take care of a new AppPool for you)

1. Open your command prompt (Windows + R) and type cmd and press ENTER
   ^{You may need to start this as an administrator if you have UAC enabled.
   To do so, locate the exe (usually you can start typing with Start Menu open), right click and select "Run as Administrator"}
2. Type cd C:\Windows\Microsoft.NET\Framework\v4.0.30319\ and press ENTER.
3. Type aspnet_regiis.exe -ir and press ENTER again.
   • at this point you will see it begin working on installing .NET's framework in to IIS for you
4. Close the DOS prompt, re-open your start menu and right click Computer and select Manage
5. Expand the left-hand side (Services and Applications) and select Internet Information Services
   • You'll now have a new applet within the content window exclusively for IIS.
6. Expand out your computer and locate the Application Pools node, and select it. (You should now see ASP.NET v4.0 listed)
7. Expand out your Sites node and locate the site you want to modify (select it)
8. To the right you'll notice Basic Settings... just below the Edit Site text. Click this, and a new window should appear
9. Select the .NET 4 AppPool using the Select... button and click ok.
10. Restart the site, and you should be good-to-go.

(You can repeat steps 7-on for every site you want to apply .NET 4 on as well).

Just dont want to mess anything up...

Thanks for your help