Could not load file or assembly

(HRESULT: 0x80070057 (E_INVALIDARG)) on debug

Issue:
When trying to debug an ASP.net website in Visual Studio you get the following error message:

Could not load file or assembly 'your project' or one of its dependencies. The parameter is incorrect. (Exception from HRESULT: 0x80070057 (E_INVALIDARG))

Solution:
Clear out the temporary framework files for your project in:

C:\WINDOWS\Microsoft.NET\Framework\v2.0.50727\Temporary ASP.NET Files\

Update:

For Windows 7, the path is:
C:\Users\[username]\AppData\Local\Temp\Temporary ASP.NET Files\

For 64 bit systems with 'Framework' in the path the full path is:
C:\WINDOWS\Microsoft.NET\Framework64\v2.0.50727\Temporary ASP.NET Files\