Unbind the project and Bind again to new location
http://msdn.microsoft.com/en-us/library/0eh3790h%28VS.80%29.aspxTo unbind a solution or project from source control
1.
In Visual Studio, open Solution Explorer and select a solution or project to unbind.
2.
On the File menu, click Source Control, then Change Source Control.
3.
In the Change Source Control dialog box, click Unbind.
4.
Click OK.