Firsty, you don't build your site for each different web browser. You build one website that's standards-compliant and will work in all browsers.
Having said that, you will probably have to use some non-standard "hacks" to get Internet Explorer to behave as the other browsers do because older versions of IE don't follow web standards.
You should setup your website in IIS using IIS Manager. Then you can run your website in whatever browser you like using a URL like http://localhost/YourWebsite/
Here's an article on creating a website in IIS: http://support.microsoft.com/kb/323972
Alternatively if you want to use the web server that's built into Visual Studio you can right-click one of the pages in your project, select Browse with..
and use the Browse With dialog to set the default browser. Once you've done this you can run your site in the default browser by pressing F5.