I found this MSDN forum post which suggests two solutions to your problem.
First solution (not recommended):
Find the .Net Framework 3.5 and 2.0 folder
Copy System.Web.Extensions.dll from 3.5 and System.Web.dll from 2.0 to the application folder
Add the reference to these two assemblies
Change the referenced assemblies property, setting "Copy Local" to true And build to test your application to ensure all code can work
Second solution (Use a different class / library):
The user who had posted the question claimed that Uri.EscapeUriString
and How to: Serialize and Deserialize JSON Data helped him replicate the behavior of JavaScriptSerializer
.
You could also try to use Json.Net. It's a third party library and pretty powerful.