Request time out error while debugging in visual studio in iis

Recently I am debugging a SharePoint 2003 application using Visual Studio 2003 for very first time in my life, to check some performance issue. While debugging I got the Request Time Out error. Just to let you know that we have IIS 5.
I did not get any option when I can increase the default time 90secs. So I have changed in the web.config file which is presented in the Inetpub directory. Only modification I have made is changes the debug=true which was previously set to false.
Sample:

<compilation batch="false" debug="true">
</compilation>

Thanks to Sun, one of my co-author of http://www.fewlines4biju.com