Apparently in Visual Studio 2005 you can only compile .NET Framework 2.0 applications. However, not rare is the case when you need to compile the application into .NET 1.1 and you don't have Visual Studio 2003 installed.

To be able to compile into .NET 1.1 with Visual Studio 2005 you will need to download the MSBee application from Microsoft. You can download this application at http://msdn.microsoft.com/vstudio/downloads/tools/msbee/default.aspx.