Download Visual Studio 2005 Service Pack 1, its a big download and takes some time to install...but when you are done with it, you will be seeing an option "Web Application Project" in "New Project" dialog. This new option provides same feature as ASP.NET 1.1 projects in Visual Studio 2003. Furthermore after Service Pack 1, you should be able to import the Visual Studio 2003 ASP.NET project just fine!
Check http://webproject.scottgu.com, especially http://webproject.scottgu.com/CSharp/Migration/Migration.aspx (For C#) and http://webproject.scottgu.com/VisualBasic/Migration/Migration.aspx (For VB.NET)
Khurram Aziz
http://weblogs.com.pk/khurram