Solution Here for this issue: http://mycodelog.com/2010/03/25/vssp2010/
SharePoint 2010 is built on top of .Net Framework 3.5. So make sure you have it as your targeted framework in VS. Go to project properties and change the target framework to “.Net Framework 3.5″.
The Web application at <url> could not be found. Verify that you have typed the URL correctly. If the URL should be serving existing content, the system administrator may need to add a new request URL mapping to the intended application.
You have an x64 version of SharePoint Server installed, but VS 2010 is building your code as x86. So go to project properties \ Build and change platform target from x86 to x64.
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