The following are some different resources to either convert your Visual Studio 2002/2003 projects to Visual Studio 2005 or just target the 1.1 framework in Visual Studio 2005.
Step-By-Step Guide to Converting Web Projects from Visual Studio .NET 2002/2003 to Visual Studio 2005
Jomo Fisher on MSBuild
Robert McLaws MSBuild Compatibility Toolkit 1.0
Nagaraju Palla's Building binaries targeting .NET 1.1 and .NET 1.0 in TeamBuild
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Disclaimer The opinions expressed herein are my own personal opinions and do not represent my employer's view in anyway.