If I have different .NET frameworks installed on my machine (i.e. 1.1, 2.0. 3.0, 3.5), is it possible for VS2005 to select with which framework to create / compile an application (Winform/Webform)?
No this is not possible in Visual Studio 2005. Visual Studio 2008 supports a version of multi-targeting which allows you to target either the 2.0, 3.0 or 3.5 framework. It does not however allow you to target 1.0
ScottGu did a lengthy blog post on this subject that you may find worth a read:
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