In my case, when I had the ASP.NET Development Server crash, one thing that worked was to change the port for the project.
I suspect what happened was when the web server crashed it did not release a lock on the port. Even though it was not running in Task Manager, something was blocking a new instance of the web server from starting again on the original port. Changing the port was a decent enough work around. I could have rebooted, but who has time for that, right?
Details: Windows 7 x64, VS2010, .NET Framework 4.0, ASP.NET web site using the built in web server to VS2010.
BTW, I would be a little cautious with replacing the `WebDev.WebServerServer.EXE` as suggested in other posts. If that file has been corrupted then you have bigger problems with your OS.