If you have SVN installed, Web projects on VS.Net 2003 may not open correctly.
This is because SVN maintains source control information in a hidden folder called .svn.
This problem can be resolved.
Go to SVN settings and choose _svn instead of .svn directories.
Tortoise SVN may scare you saying you may lose working copies of existing projects.It will also require a system restart.There is a work around for not losing exising source control information.Here is what you should do.You can search for existing .svn directories using windows search and rename them manually to _svn. SVN will automatically reflect uncommited files by changing its image.
Once this is done, go to System Root\ Document and Settings \ User Name. Remove the folder called VSWebCache.This is a temporary folder which Visual studio creates for faster loading of web projects. Nothing will be lost on deleting this folder.
Now, if you open the web project, it will open correctly.