MVC2 Project Not Opening in VS2010 Ultimate

Question

When i try to open MVC2 Project in visual studio 2010 SP1 Ultimate Version, it is not opening. It is saying error as The project type is not supported by this installation. Here is my .csproj file. What issues ? Any ideas would be helpful?

<?xml version="1.0" encoding="utf-8"?>
<Project ToolsVersion="4.0" DefaultTargets="Build" xmlns="http://schemas.microsoft.com/developer/msbuild/2003">
  <PropertyGroup>
    <Configuration Condition=" '$(Configuration)' == '' ">Debug</Configuration>
    <Platform Condition=" '$(Platform)' == '' ">AnyCPU</Platform>
   <ProductVersion>
   </ProductVersion>
    <SchemaVersion>2.0</SchemaVersion>
    <ProjectGuid>{33A3BB36-843A-463A-97EB-F9748043FA2B}</ProjectGuid>
    <ProjectTypeGuids>{F85E285D-A4E0-4152-9332-AB1D724D3325};{349c5851-65df-11da-9384-00065b846f21};{fae04ec0-301f-11d3-bf4b-00c04f79efbc}</ProjectTypeGuids>
   <OutputType>Library</OutputType>
   <AppDesignerFolder>Properties</AppDesignerFolder>
   <RootNamespace>Dial4Jobz</RootNamespace>
    <AssemblyName>Dial4Jobz</AssemblyName>
    <TargetFrameworkVersion>v4.0</TargetFrameworkVersion>
    <MvcBuildViews>false</MvcBuildViews>
    <UseIISExpress>false</UseIISExpress>
  </PropertyGroup>
  <PropertyGroup Condition=" '$(Configuration)|$(Platform)' == 'Debug|AnyCPU' ">
    <DebugSymbols>true</DebugSymbols>
    <DebugType>full</DebugType>
    <Optimize>false</Optimize>
    <OutputPath>bin\</OutputPath>
    <DefineConstants>DEBUG;TRACE</DefineConstants>
    <ErrorReport>prompt</ErrorReport>
    <WarningLevel>4</WarningLevel>
  </PropertyGroup>
  <PropertyGroup Condition=" '$(Configuration)|$(Platform)' == 'Release|AnyCPU' ">
    <DebugType>pdbonly</DebugType>
    <Optimize>true</Optimize>
    <OutputPath>bin\</OutputPath>
    <DefineConstants>TRACE</DefineConstants>
    <ErrorReport>prompt</ErrorReport>
   <WarningLevel>4</WarningLevel>
 </PropertyGroup>
 <ItemGroup>
   <Reference Include="Microsoft.CSharp" />
   <Reference Include="Microsoft.ReportViewer.WebForms, Version=10.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a, processorArchitecture=MSIL">
    <SpecificVersion>False</SpecificVersion>
</Reference>
<Reference Include="System" />
<Reference Include="System.Data" />
<Reference Include="System.Data.Entity" />
<Reference Include="System.Drawing" />
<Reference Include="System.Runtime.Serialization" />
<Reference Include="System.Security" />
<Reference Include="System.Transactions" />
<Reference Include="System.Web.DynamicData" />
<Reference Include="System.Web.Entity" />
<Reference Include="System.Web.ApplicationServices" />
<Reference Include="System.ComponentModel.DataAnnotations">
  <RequiredTargetFramework>3.5</RequiredTargetFramework>
</Reference>
<Reference Include="System.Core">
  <RequiredTargetFramework>3.5</RequiredTargetFramework>
</Reference>
<Reference Include="System.Data.DataSetExtensions">
  <RequiredTargetFramework>3.5</RequiredTargetFramework>
</Reference>
<Reference Include="System.Web.Mvc, Version=2.0.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35, processorArchitecture=MSIL" />
<Reference Include="System.Xml.Linq">
  <RequiredTargetFramework>3.5</RequiredTargetFramework>
</Reference>
<Reference Include="System.Web" />
<Reference Include="System.Web.Extensions">
  <RequiredTargetFramework>3.5</RequiredTargetFramework>
</Reference>
<Reference Include="System.Web.Abstractions" />
<Reference Include="System.Web.Routing" />
<Reference Include="System.Xml" />
<Reference Include="System.Configuration" />
<Reference Include="System.Web.Services" />
<Reference Include="System.EnterpriseServices" />
</ItemGroup>
<ItemGroup>

<Compile Include="Global.asax.cs">
  <DependentUpon>Global.asax</DependentUpon>
</Compile>
     <AutoGen>True</AutoGen>
  <DesignTime>True</DesignTime>
  <DependentUpon>Dial4Jobz.edmx</DependentUpon>
</Compile>
</ItemGroup>
<Content Include="Web.config">
  <SubType>Designer</SubType>
</Content>
<Content Include="Web.Debug.config">
  <DependentUpon>Web.config</DependentUpon>
</Content>
<Content Include="Web.Release.config">
  <DependentUpon>Web.config</DependentUpon>
</Content>
</ItemGroup>
<ItemGroup>
</ItemGroup>
<ItemGroup>
<ItemGroup>
<WCFMetadata Include="Service References\" />
</ItemGroup>
<Import Project="$(MSBuildBinPath)\Microsoft.CSharp.targets" />
<Import Project="$(MSBuildExtensionsPath32)\Microsoft\VisualStudio\v10.0\WebApplications\Microsoft.WebApplication.targets" />
<!-- To modify your build process, add your task inside one of the targets below and uncomment it. 
   Other similar extension points exist, see Microsoft.Common.targets.
  <Target Name="BeforeBuild">
</Target> -->
<Target Name="AfterBuild" Condition="'$(MvcBuildViews)'=='true'">
<AspNetCompiler VirtualPath="temp" PhysicalPath="$(ProjectDir)" />
</Target>
<ProjectExtensions>
<VisualStudio>
  <FlavorProperties GUID="{349c5851-65df-11da-9384-00065b846f21}">
    <WebProjectProperties>
      <UseIIS>False</UseIIS>
      <AutoAssignPort>True</AutoAssignPort>
      <DevelopmentServerPort>49951</DevelopmentServerPort>
      <DevelopmentServerVPath>/</DevelopmentServerVPath>
      <IISUrl>
      </IISUrl>
      <NTLMAuthentication>False</NTLMAuthentication>
      <UseCustomServer>False</UseCustomServer>
      <CustomServerUrl>
      </CustomServerUrl>
      <SaveServerSettingsInUserFile>False</SaveServerSettingsInUserFile>
    </WebProjectProperties>
    </FlavorProperties>
   </VisualStudio>
  </ProjectExtensions>
 </Project>