ASP.NET Parser Error - Parser Error Message: Could not load type

Here's one for the ages, or at least till I come across another error. Got the rather ubiquitous error displayed below when trying to run an uncompiled web application...only problem, I had compiled the application and had the dll to show for it. What's going on?

Well, it appears that you get the same error when compiling a web application using .NET 2.0 but running with .NET 1.1 compatibility in IIS.

Thought I would post it because saw a lot of posts about not having the application compiled but nothing on running in IIS with the right version of .NET

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Server Error in '/MyApp.ANameSpace' Application.

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Parser Error

Description: An error occurred during the parsing of a resource required to service this request. Please review the following specific parse error details and modify your source file appropriately.

Parser Error Message: Could not load type 'MyApp.MyNamespace.Global'.

Source Error:

Line 1: <%@ Application Codebehind="Global.asax.cs" Inherits="MyApp.MyNameSpace.AClass.Global" %>

Source File: C:\xxx\global.asax Line: 1

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Version Information: Microsoft .NET Framework Version:1.1.4322.2032; ASP.NET Version:1.1.4322.2032