Forum OpenACS Q&A: Response to Mysterious refusal to connect to localhost by http

ping to your address won't tell you something interesting because it does that to your network card...

try /sbin/ifconfig and check if you have the loopback running like this:
lo        Link encap:Local Loopback
          inet addr:127.0.0.1  Mask:255.0.0.0
          UP LOOPBACK RUNNING  MTU:16436  Metric:1
          RX packets:5345 errors:0 dropped:0 overruns:0 frame:0
          TX packets:5345 errors:0 dropped:0 overruns:0 carrier:0
          collisions:0 txqueuelen:0

if you don't see it try restarting your box or check your nsd.tcl as Paul suggested!