I am getting the following stacktrace and have no idea what I am looking at and how to debug and fix it: Here is the error:

Description: An error occurred during the parsing of a resource required to service 
this request. Please review the following specific parse error details and modify your 
source file appropriately.

Parser Error Message: Reference.svcmap: Failed to generate code for the service 
reference 'GeocodeService'.
Cannot import wsdl:portType
Detail: An exception was thrown while running a WSDL import extension: 
System.ServiceModel.Description.DataContractSerializerMessageContractImporter
Error: Could not load file or assembly 'System.Xml, Version=2.0.5.0, Culture=neutral, 
PublicKeyToken=7cec85d7bea7798e' or one of its dependencies. The system cannot find 
the file specified.
XPath to Error Source: 
//wsdl:definitions[@targetNamespace='http//dev.virtualearth.net  
/webservices/v1/geocode/contracts']/wsdl:portType[@name='IGeocodeService']
Cannot import wsdl:binding
Detail: There was an error importing a wsdl:portType that the wsdl:binding is     
dependent on.
XPath to wsdl:portType: //wsdl:definitions[@targetNamespace='http:
//dev.virtualearth.net/webservices/v1/geocode/contracts']  
/wsdl:portType[@name='IGeocodeService']
XPath to Error Source: //wsdl:definitions[@targetNamespace='http:
//dev.virtualearth.net  
/webservices/v1/geocode']/wsdl:binding[@name='BasicHttpBinding_IGeocodeService']
Cannot import wsdl:port
Detail: There was an error importing a wsdl:binding that the wsdl:port is dependent on.
XPath to wsdl:binding: //wsdl:definitions[@targetNamespace='http://dev.virtualearth.net
/webservices/v1/geocode']/wsdl:binding[@name='BasicHttpBinding_IGeocodeService']
XPath to Error Source: //wsdl:definitions[@targetNamespace='http://dev.virtualearth.net
/webservices/v1/geocode']/wsdl:service[@name='GeocodeService']
/wsdl:port[@name='BasicHttpBinding_IGeocodeService']
Cannot import wsdl:binding
Detail: There was an error importing a wsdl:portType that the wsdl:binding is  
dependent on.
XPath to wsdl:portType: //wsdl:definitions[@targetNamespace='http:
//dev.virtualearth.net/webservices/v1/geocode/contracts'] 
/wsdl:portType[@name='IGeocodeService']
XPath to Error Source: //wsdl:definitions[@targetNamespace='http:
//dev.virtualearth.net 
/webservices/v1/geocode']/wsdl:binding[@name='CustomBinding_IGeocodeService']
Cannot import wsdl:port
Detail: There was an error importing a wsdl:binding that the wsdl:port is dependent on.
XPath to wsdl:binding: //wsdl:definitions[@targetNamespace='http://dev.virtualearth.net
/webservices/v1/geocode']/wsdl:binding[@name='CustomBinding_IGeocodeService']
XPath to Error Source: //wsdl:definitions[@targetNamespace='http://dev.virtualearth.net
/webservices/v1/geocode']/wsdl:service[@name='GeocodeService'] 
/wsdl:port[@name='CustomBinding_IGeocodeService']