Unable to start debuggin'

Is your web application hosted under IIS? If so then that just needs to be the base url to the application (in your case http://localhost/CMS is probably correct).

For this to work though your web site will have to be copied to a folder that is hosted under IIS as a virtual directory though.
 
Could you not just deploy the site to IIS and debug it that way? Do you have the correct permissions to IIS to actually allow debugging?
 
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