Desire to Restructure a Solution of Multiple Sites

I've started work with a company that has one large solution consisting of multiple websites.  The general structure is this:
Websites Site1 Assorted Project folders & files Global.asax Global.asax.cs Web.config Site2 Assorted Project folders & files Global.asax Global.asax.ca Web.config BusinessObjects1 BusinessObjects2 DataObjects In order to develop & debug a particular site, this is the current procedure:
Load the entire solution in VS2008 (that's what they currently use) Setup the Hosts file so that the site in question looks to the local development machine Setup a Virtual Directory in IIS for the site in question, making assorted references, some outside of the solution entirely Start a browser and navi ...