The problem with all these answers is that they do not take virtual directories into account.
Consider:
Site named "tempuri.com/" rooted at c:\domains\site
virtual directory "~/files" at c:\data\files
virtual directory "~/files/vip" at c:\data\VIPcust\files
So:
Server.MapPath("~/files/vip/readme.txt")
= "c:\data\VIPcust\files\readme.txt"
But there is no way to do this:
MagicResolve("c:\data\VIPcust\files\readme.txt")
= "http://tempuri.com/files/vip/readme.txt"
because there is no way to get a complete list of virtual directories.