Can't create a VS.Net Project Access Denied

I am relatively new to ASP.Net and I have been getting a problem when I try to
create a new visual basic project. I get the following error:
The default Web Access mode is set to file share, but the project folder at
'http://servername/F$/test' cannot be opened with the path '\\servername\F$\test'
the error returned was: Unable to create project 'F$/test'. Unable to create Web
Location at '\\servername\F$\test'. Access is denied

Background info:
I have a Windows 2003 server running IIS 6.0. In ISM I have the .tmp Mime type added
and I have checked all the permissions to give myself full control.

On my desktop I have Visual Studio .Net 2003.

I don't know why I am getting an Access Denied error could anyone please help me,
I have been stuck on this type of error for a couple of days now I have read a lot
of forums and have not found a solution, any help would be greatly appreciated.

Are you trying to create the project locally (localhost) or remotly? If you are trying to do it remotely, don't.

Thanks for your reply!

I am trying to create the project remotely.
Do you know why it is not good to create projects remotely?

Note:I am able to remotely create projects on the C:\ and D:\ on the server, but not the F:\. I checked all the security permissions for all drives and they are all the same.

I want to avoid installing Visual Studio .Net 2003 on the server