I am not sure why you want to create a new project. Technically, a Windows Azure web role project is simply an ASP.NET site (or WCF application) that has an additional type of project that is a cloud service.
Technically, if you delete a cloud services project, you have a website that will run on Windows Azure websites with the following caveats:
- Launch tasks are part of the cloud service model and will not be available.
- WebRole.cs aka RoleEntryPoint will not execute
- If you had the Worker role in your project, there is no equivalent on Windows Azure websites.
Most other features will work with a few exceptions (but keep this in mind at the moment in the preview).
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