Had the same problem, it's a problem with the permissions in the registry. Basically, Administrator doesn't have access to the key required by VS. Solution:
!! CLOSE VISUAL STUDIO FIRST !!
Download subinacl.msi from the link
and install it.
Browse to C:/Program Files/Windows Resource Kits/Tools/ and create a file called vs2008fix.txt
Open the file you created, and inside copy-paste:
Code BlockStep 4:
subinacl /subkeyreg HKEY_CLASSES_ROOT\VisualStudio.vbproj.9.0 /grant=administrators=f
subinacl /subkeyreg HKEY_CLASSES_ROOT\VisualStudio.vbproj.9.0 /grant=users=f
subinacl /subkeyreg HKEY_CLASSES_ROOT\VisualStudio.vbproj.9.0 /grant=system=f
Save the file and change the file extension to ".cmd". Then Start > Run. Type "cmd" (without the quotes) and type:
cd C:/Program Files/Windows Resource Kits/Tools
Press Enter. Then type:
Wait until it completes, then start Visual Studio again. You should be able to create project/files of any type.