Web Project vs Local Project

Call me old school, but I like all my projects in Visual Studio .NET to be standard class library projects rather than "web" projects. I am sure the Web Projects wizard is very useful for creating quick applications, but as with any wizard, it decides some things for you during set-up that might be hard to edit later. So, what happens if you inherit a solution file that is a Web project, and you have no idea how the virtual directories and references are set up? Unfortunately, you cannot open this project in Visual Studio to edit those settings! What I forgot today was this : "The Project files is just a text file, that you can edit in notepad". Once I figured that out, I was able to change "ProjectType" attribute from "Web" to "Local". Magically, I could open the project, update my references and compile about 2 minutes later.