Thanks for your replies.
I have resolution! My localhost server is MS 2003 Standard Ed. I was able to navigate to the local folder, right-click > properties > Web Sharing tab, web share the folder with Execute Permissions and viola!
Regarding the IIS Admin console, I had to remove the prior alias reference before I could 'Web Share' the folder. Using the web sharing feature created an alias in IIS. However, I then had to return to IIS and configure the .Net version, etc...
Thanks again for this forum and the work your doing.