I can't solve this problem

I suggest I have to change c:\Windows\System32\drivers\etc\hosts file and add after
# localhost name resolution is handled within DNS itself. the next line:
127.0.0.1 mysite.dev but it doesn't help. Any suggestions?
Error ocсurrs when I try to open web site project in Microsoft Visual Studio 2012.
A virtual directory is a directory name that you specify in IIS and map to physical directory on a local server's hard drive or a directory on another server (remote server). You can use Internet Information Services Manager to create a virtual directory for an ASP.NET Web application that is hosted in IIS.
More often than not, at least in my case, this happens is when a *.csproj.user file is in the project directory and has <UseIISExpress>true</UseIISExpress> in it.
Alternatively, as mentioned by Zachary Cutler you can also simply: close Visual Studio, delete the
*.csproj.userfile and reopen Visual Studio. This will force VS to rebuild the file.
I've already found the solution. I just had to edit C:\Users\Administrator\Documents\IISExpress\config\applicationhost.config file, by adding my site to <sites> node.
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