Setting up of Pocket PC 2003 Second Edition emulator

Question

I am having some trouble with setting up the connection settings
on the new emulator that ships with VS 2005.

Am on the office network, and with the 2002 emulator (shipped with VS.NET 2003), I have
the "Settings" page connecting to "Work". I did the same equivalent to the new emulator,
but everytime I try to access a virtual directory on my web server, it gives me a "You have no modem or network card present".

Has anyone experience the same and have any ideas to fix the above issue?

Thanks.