Visual Web Developer "Failed to start monitoring changes"

I keep forgetting about this...

I'd like to do development on an ASP.NET web application which resides in a VMware Fusion shared folder. Unfortunately, as noted in the Microsoft Forums, Visual Web Developer 2005 Express Edition (at least) does not support hosting on a UNC share.

So, AFAICT, the only option is to do development in a local folder. To access that folder from the host operating system, it needs to be shared from the Windows VM.