The current identity does not have write access to 'C:\WINDOWS\Microsoft.NET\Framework\v2.0.50727\Temporary ASP.NET Files'

1. In the temporary folder i mean,

C:\WINDOWS\Microsoft.NET\Framework\v2.0.50727\Temporary ASP.NET Files

delete the project folder created in that.
[NOTE: Better to delete every folder inside this temporary folder, but take a back up of the folder first.]

2. Right click this temporary folder and see if the user "ASPNET" and "Network Service" is available and have read and write access to this folder. If not add them, also just for the case of debugging, add "IUSR_MachineName" user also in the list and give permission.

3. Restart IIS.

The problem I think is that the asp.net username does not have sufficient permission to exceute the request for asp.net page here for your project.