Working with .NET 1.1 in Visual Studio 2008 and Team Server

I was trying to write that post for so long that I've started worry that there will be new version of the Visual Studio before I will even start. Finally, I found some time and here it is. What I'm going to write about here is how to use the latest IDE to work with a .NET 1.1 applications. Before you will start asking why one would like to do so, there is an answer: because you can. But seriously speaking, I prefer to use much more matured IDE than the very 2003 version. There is also other, even more important reason - TFS. By importing your 1.1 projects into VS2008 you can use full benefits of TFS. That is worthwhile. So let's get started.