Apparently so.
And the way to fix this is to modify your host.
Open C:\Windows\System32\drivers\etc\hosts with wordpad. Make sure localhost is pointed to 127.0.0.1 or that it is not commented out. The file should contain:


127.0.0.1 localhost
::1 localhost

This info is taken from:
http://www.sitepoint.com/forums/showthread.php?t=600699