Why can I only browse my web site through IIS 5.1 console manager and not through IE 7.0

Hi ;

I am trying to browse a page on a local machine's web site.

I can browse through the IIS 5.1 console but not through IE.

I tried http://localhost/mywebsite and cannot find file message is the result.

I added 127.0.0.1 mycomputername to the hosts file too.

Thanks for your insights !