The problem is exactly what the error says. The compiler cannot find Microsoft.Web.UI.WebControls in your project. I'm assuming this is the library for IE controls because i don't recognize it as part of the standard libraries. Hence, you probably need to download it, locate it on your machine and reference it in your project.

I downloaded trial version of Visual Studio 2008 Professional.. so doesnt it come with the package?
Can u please tell how to check if a particular library is present in the package or not?!
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since Nov 2008