Because Visual Studio doesn’t look for references in the GAC:
This is by design.
You can either add your files explicitly, which doesn’t work if other people in your team have installed the files somewhere else, for example C:\Program Files\NUnit 2.4.6 vs. C:\Program Files\NUnit-2.4.6. Or (more specifically, because this is the problem I was having this morning) C:\Program Files\NUnit 2.4.6 vs. C:\Program Files (x86)\NUnit 2.4.6. Note the (x86) – my home PC is (as of last weekend) running Vista Ultimate x64.
You have a couple of options:
This means that your project files will reference the assembly by name (i.e. name, version, public key token, all that jazz), and it won’t matter where it’s actually installed on your PC.
Note, however, that this doesn’t work as-is on 64-bit, because Visual Studio is a 32-bit application. You actually need to register your stuff under HKEY_LOCAL_MACHINE\SOFTWARE\Wow6432Node\Microsoft\.NETFramework\AssemblyFolders, and you should probably register under both.
There are also corresponding HKEY_CURRENT_USER variants of those keys, but (since that roams), it’s not much use (because the paths are usually relative to the machine, anyway).