Recently, I was working in the a solution that I had been working on for the last several days and received this error when I tried to compile the application:
The project file ' ' has been renamed or is no longer in the solution
I had been loading and unloading other projects around the same time, but nothing happened (as far as I am aware) to the particular project that I was trying to build now.
Here's the Scenario & Resolution
I have a solution with 4 projects in it and I went through the properties of each project looking specifically at the references for each. What I am looking for are references to any assemblies that are no longer valid.

When I reached my web ap, I found that I did indeed have one assembly displayed in the list marked as unavailable: assemblyname.dll (unavailable). I removed the reference and began immediately compiling again.
All in all, total downtime resulting from this issues was about 40 minutes....YUCK! Hopefully, you're able to get back on track much quicker. Good luck.
Thanks to Michiel Van Otegem' s site for getting me back on track