Open your project first. then
Go to package Manager Console in VS (under tools) [NuGet] -> type following version
Install-Package Microsoft.AspNet.WebApi -Version 4.0.30506
The reason is, the latest WebApi is compatible only to .net 4.5. so if you try to install without specifying exact version number, it will bring latest and try to install in your project and will finally complaint that the version is not compatible.
The good thing is, along with WebAPI abstraction classes (system.web.http) it will also install Newton.Soft.JSON class too, which is a must in REST service to reduce payload. Roughly if you use JSON rather XML your payload size will come down to about average 60% lower.
I am very much impressed with this video, which explains very basics of WebAPI- Thanks Shiv Kumar.