I can't figure out why visual studio won't let me open a web application. I think it has something to do with the way I have IIS configured. It keeps giving me a 403 access forbidden error. Any help?

Here is what I have done to configure IIS:
{My Computer Name}->Web Sites -> right click ->properties

Under Home Directory changed execute permissions to Scripts Only

Under Documents added index.html and index.php

My default Web site -> properties

IP Address- All unassigned, TCP Port 80

Home Directory- Local path- C:\inetpub\wwwroot


Please Help!