Hi Ravi,
Here are some few checklist
1. Ensure you have installed VS2005 SP1
2. For the PROJECT file : Open the project file with notepad and ensure
<ProductVersion>8.0.50727</ProductVersion>
<SchemaVersion>2.0</SchemaVersion> -------- this is VS2005 built
if else
ProductVersion = "7.10.3477"
SchemaVersion = "2.0" -------- this is VS2003 built
3. For the solution file : Open the Solution file with notepad and ensure
Microsoft Visual Studio Solution File, Format Version 9.00 --------- this is VS2005 built
if else
Microsoft Visual Studio Solution File, Format Version 8.00 --------- this is VS2003 built
If there is any mismatch, edit the parameters in the file and try to open.
-Yuva