You should be able to accomplish this in one of two ways.
- You can remove the old project, or change its port using WebMatrix, which has an administration interface for IIS Express.
- You can also do it by hand, by modifying the
applicationhost.configfile directly. The file is located in the%userprofile%\documents\IISexpress\configfolder. You can find the project configuration under the<system.applicationHost>/<sites>element.
UPDATE:
WebMatrix has been discontinued and support has officially ended.