You receive an “Unable to start program ‘http://localhost/. The system cannot find the file specified.” error when debugging
If you are using Visual Studio 2012 and Windows 8, when trying to debug a website hosted on IIS, you may get the error listed above.
This is actually known issue and is listed in Microsoft Connect
To work around this, you will need to set your home drive to a local drive and then start Visual Studio
"C:\Program Files (x86)\Microsoft Visual Studio 11.0\Common7\IDE\devenv.exe"