Carefully said I do not like that sharepoint "hijacks" the Internet Information Server. When you create a virtual directory it is just not accessable because SharePoint took over IIS.
Funny fact: This is the second post how to fix issues with IIS and "extension" that cause issues 
So i decided to hack a small utility serving my needs:
ExcludeFromSharepoint.zip (3.46 KB)
Enables to exclude applications from sharepoint services through the directory context menu.
Install using the "-install" switch; Uninstall using "-uninstall" switch.
Because I'm running my machine under a LUA (Limited User Account) i wrote the tool in a way that you can install and uninstall it without administative rights - the contextmenu will be installed per user!
if(args[0]=="-install")
{
RegistryKey _rkey = Registry.CurrentUser;
_rkey = _rkey.OpenSubKey("SOFTWARE\\Classes",true);
_rkey = _rkey.CreateSubKey("Folder").CreateSubKey("shell");
_rkey = _rkey.CreateSubKey("Exclude from Sharepoint");
_rkey = _rkey.CreateSubKey("command");
_rkey.SetValue(null, App.Application.ExecutablePath + " \"%1\"");
}
else if(args[0]=="-uninstall")
{
RegistryKey _rkey = Registry.CurrentUser;
_rkey = _rkey.OpenSubKey("SOFTWARE\\Classes\\Folder\\shell",true);
_rkey.DeleteSubKeyTree("Exclude from Sharepoint");
}
else
{
...
}
The Implementation works with the webserver extensions version 4.0 or higher
RegistryKey _rkey = Registry.LocalMachine;
_rkey = _rkey.OpenSubKey("SOFTWARE\\Microsoft\\Shared Tools\\" +
"Web Server Extensions",true);
foreach(string _subKeyName in _rkey.GetSubKeyNames())
{
try
{
int.Parse(_subKeyName.Replace(".",""));
RegistryKey _fpKey = _rkey.OpenSubKey(_subKeyName,true);
_fpDir = (string)_fpKey.GetValue("Location");
}
catch(Exception _ex)
{
string _err = _ex.ToString();
break;
}
}
and uses the stsadm.exe from the shared tools of the server extensions.
System.Diagnostics.Process _p = new System.Diagnostics.Process();
_p.StartInfo.FileName = Path.Combine(_fpDir, "BIN\\stsadm.exe");
_p.StartInfo.Arguments = "-o addpath -url http://localhost/" +
_strProjectName + " -type exclusion";
...
_p.Start();