Whenever I'm viewing my file (file is situated in shared drive) to some browser, I'm getting this error:

Server Error in '/Test' Application.

Security Exception

Description: The applying attempted to do a surgical procedure not permitted by the safety policy. To grant this application the needed permission please speak to your system administrator or alter the application's trust level within the configuration file.

Exception Particulars: System.Security.SecurityException: Request the permission of type 'System.Web.AspNetHostingPermission, System, Version=2..., Culture=neutral, PublicKeyToken=b77a5c561934e089' unsuccessful.

Source Error:

An unhandled exception was produced throughout the execution from the current web request. Specifics of the origin and placement from the exception could be recognized while using exception stack trace below.

I approached the machine Admin, he stated he's because of the full access privileges to my PC. What's going wrong here?

Automatically you cannot host ASP.Internet pages from the shared drive as this is an untrusted location. You will have to edit your .Internet configuration to permit this location. You'll find quick tips here (The very first answer): http://forums.asp.internet/t/1371394.aspx

A fast test before doing that's to copy the project in your area and run it. If everything works, then that's your condition. If you should keep your project around the shared drive you'll have to stick to the above making it a reliable location.