It told me about "cant find the necessary files/references".something like that.
SO I instantly diagnosed our patient: "The Windows Phone 7 Developer Tools somehow corrupted older version of XNA"
To solve this problem: please reinstall XNA 3.1 and it will be working nicely again.It wont break XNA 4.0 files.dont worry about it :)
XNA 3.1 is Here!
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