I have done one mobile application using below link: http://www.codeproject.com/Articles/69887/Mobile-Application-Development-in-ASP-NET
When I tried launching the mobile application with Microsoft mobile explorere 3.0 downloaded from below link http://www.microsoft.com/en-us/download/details.aspx?id=5352
Got below error:

Please help me how to proceed I am new to this and I am not able to trace the error.
As @Dai mentioned in the comments above, Windows Mobile 6.x is now unsupported (and hardly used by anyone). To create apps for Windows Phone (7.x and 8), check out Visual Studio Express 2012 for Windows Phone (it's FREE). It has everything you need to get started creating apps for Windows Phone - http://www.microsoft.com/visualstudio/eng/products/visual-studio-express-for-windows-phone
Also check out dev.windowsphone.com for sample code, videos, blogs, and more. This is where you also go to sign up for a developer account that allows you to publish your app (this is typically $99/year although if you pay enough attention to the Windows Phone ecosystem, you can almost always find several contests running where you can win a developer token giving you a free year).
One last note... if you're interested in creating HTML-based apps for Windows Phone, you might check out PhoneGap. It allows you to create cross-platform, HTML5-based apps that are hosted within a native app shell (i.e. hybrid apps) - http://phonegap.com/