Visual Studio 2012 F5 results in 404 Message

I have Visual Studio 2012 done as a clean install on Windows 7 Pro and Windows 8 Enterprise trial.

The web site I am editing is in My Web Sites/.......

If I put a breakpoint in a page and press F10, It stops at the breakpoint.

However anything else I try to start (SHow in IE, f% CTRL+F5 when it tries to display the page (There are no errors) I get a 404 Error for the localhost (http://localhost/NausetNewcomers/default.aspx)

http://localhost goes to an IIS7 start page. I thought VS12 used IIS8

Same problem on Win 8 also a clean install.

Thanks