IIS Issues - Unable to start debugging on the web server. The underlying connection was closed. The connection was closed unexpectedly

All of the sudden I'm getting the following error on my local web server (Win7 64bit, IIS 7.5). I've uninstalled & reinstalled IIS locally and it didn't fix it. IIS is set to start up automatically and I can see that the service has been successfully started. Upon a fresh reboot if I go into IIS and click on start website I get the following error:

"The process cannot access the file because it is being used by another process. (Exception from HRESULT: 0x80070020"

If I try to start debugging on my local website project I get the following error:

"Unable to start debugging on the web server. The underlying connection was closed. The connection was closed unexpectedly."

Any ideas on what I can try? I've been doing research on the issue and Microsoft suggest making sure no other service is listening on the same ports. I've verified that this isn't the issue.

Can you please check and let is know that how many sites are running on your IIS? Is there any site running on Default port 80 and on same IP? If so then you need to add the host header value to get rid out this error message.

Also refer the URL http://support.microsoft.com/kb/973094 for more information