After doing some more googling I realize that for files to be previewed the MUST be under wwwroot. This wasn't too clear in the CF documentation.
So my new question is:
Is there are way, once I save a file to automatically copy it from one location(N:\project) to another (c:/ColdFusion9/wwwroot/project)?
I think there is a way to do it with Ant or some sort of Eclipse feature, but I am not too familiar with either. Could someone point me in the right direction?