I have to say that this is not standard behavior. I have been developing in VS2005 for a long time, and I use XP, 2003 and later systems. But even on XP, I never had that.
Last year, two of my employees were still using XP to develop the web application we worked for. And we worked on the EXACT same code base that was distributed in the SVN repository. One of them is the same problem as yours, and we could not find a solution, and we just left it as it is. The other machine worked absolutely fine (both on identical equipment)
This is a sad story, because in the end his IIS became so confusing that he was forced to use the VS web server instead for a couple of months, until the system administrator agreed to reinstall Windows in his field :)
The moral of the story? I think your Windows / IIS installation is corrupted ... Try to get the latest updates from MS, and if nothing else helps, I would recommend doing a clean installation .. Sorry, but hope this helps ...
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