The Web Site Administration Tool provides a web interface for you to manage different web site configuration settings. To launch the tool, for Web Application Project click Project-> ASP.Net Configuration & for Websites, click Website-> ASP
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Read the complete post at http://blogs.iis.net/webdevelopertips/archive/2009/04/28/tip-57-did-you-know-how-to-manage-web-site-configuration-through-a-web-interface.aspx