Refreshing the project failed. Unable to retrieve folder information from the server.

I've been working with Visual Studios 2003 and have had the error "Refreshing the project failed. Unable to retrieve folder information from the server." pop up as I'm loading the project. I normally ignore it and go about my business. I finally tired of seeing the pop up and hit the interweb for answers.

To correct the problem simply delete the "VSWebCache" from the "\Documents and Settings\[Username]" directory.