Error accessing local virtual directory (error 404.0)

I am currently developing a site using asp with IIS7. I have a local site and a live site.

I have created 2 virtual directories to store images. The pages on the live site that access the virtual directories work absolutely fine, the same code using the same IIS 7 setup does not work on my local machine.

I have IIS set up indentically on both systems. What could be wrong locally?

Many Thanks

John