I\'ve installed (in this order): 64bit Windows7, 64bit Visual Studio 2008, Microsoft Free Web Platform Installer (WEB PI) - installed iis7 - bunch of samples - ... asp.net
Just some things to try:
Have you updated Visual Studio 2008 to SP1 (google for download - its a bigge)?
Have you removed all previous traces of ASP.Net MVC Beta and RC installs?
Does the project contain MSTest tests and the version you are using does not support MSTest?
How did you install IIS7 (or rather 7.5 on Windows 7)? Did you do this via Add Remove Windows Features, did you enable ASP.Net when you drill into Internet Information Server ?
Can you create a new ASP.Net MVC application does this show in Add New Projects? And copy the Web.config over to the existing one? It may be possible it was created with a previous version and the assembly identies are no longer than same.
When you install Visual Studio 2008 did you untick the Web application bit in the Customize/Advance by any chance (cant recall exact wording) but IIRC it appears as sibling on the branch where Visual C# option is.