This problem can happen when you deploy your web application to a server, so you must check if you already installed MVC3.
Check if the folder C:\Program Files\Microsoft ASP.NET\ASP.NET MVC 3
exists.
If it doesn't exist, you need to install it from http://www.microsoft.com/en-us/download/details.aspx?id=1491
If you wont to install you can add all DLLs locally in bin folder and add references to them this work fine if you host on server don't deploy ASP.NET Web Pages or MVC3.