'System.Web.AspNetHostingPermission
When working with UNC path for Website in Visual studio, you might get this error.
Error 1 Request for the permission of type 'System.Web.AspNetHostingPermission, System, Version=2.0.0.0, Culture=neutral, PublicKeyToken=b77a5c561934e089' failed.
That is because the UNC path is pointing to a website that is not included in one of the Trust zones, or because the Trust Zone in not configured to to give this kind of permission. eg: local intranet zones does not permit the AspNetHostingPermission.
So, to correct this behavior, you must create a zone for your UNC share, and give a FullTrust privilege.
http://support.microsoft.com/?id=320268
-f.