deploying on local host redirecting to incorrect URL
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I have a VS 2010 application that I migrated from VS 2003. 
It runs fine when run
 **http//localhost:51143/default.aspx**To deploy on the local host, I went to Project->Properties->Web ->use Local IIS Web Server and specified the Project URL as    
     **http//localhost/TOrders> and then Clicked 'Create Virtual Directory'**.

I then opened IIS7 manager and checked that the vitual directory was created. 

However, when I run the application, it starts loading
     **http//localhost/TOrders/default.aspx** but then redirects to the intranet site and loads 
    **http//mytsystem/default.aspx** instead.

I have tried in vain to fix the issue. PLEASE HELP.