SharePoint VSeWSS Import tool is an add-in to Visual Studio 2010 and it adds a new SharePoint project template for importing a VSeWSS project. "VSeWSS or Visual Studio 2008 extensions for Windows SharePoint Services are Microsoft tools for creating SharePoint 2007 projects on VS2008. In VS2010 we've built in tools for creating SharePoint 2010 projects. This import tool takes a VSeWSS project that's targetted at SharePoint 2007 and migrates it to VS2010 where it's targetted at SharePoint 2010.
The import tool is distributed as source code so you'll need to compile it before using it. There's a batch file provided for this and you just need VS2010 installed and to run batch file. The import tool works at the project level, not the solution level. So if you've a solution with multiple projects you'll need to import them one by one and get them all going," revealed Microsoft.
More info and download Url: http://code.msdn.microsoft.com/VSeWSSImport