IIS 5.1 XP Pro "No web site is configured at this address" error

I am finding myself unable to configure my website to run on my computer. Fresh format of XP Pro, IIS 5.1 installed.
http://localhost/ gives me the 404 error, I turned ff friendly errors through my internet options and now receive a "No web site is configured at this address" error...

IIS state is "running" but status is blank.

anonymous login is enabled.
Inetpub/wwwroot folder is shared, my "home.html" is enabled as the default document, XP firewall is off, I have browsed soooo many forums and it seems that people get their sites working fine yet all replies and threads seem to indicate that their http://localhost is working just fine... and that happens to be my hurdle.

I followed every step that I previously used with IIS and win XP (pre-sp2) and wonder also if something has changed (IIS version 5.1 or sp2) that requires me to do something in addition to to what I have done before I formatted and reinstalled the SP2 version of XP.

I know there are a billion little settings to tweak and I will of course expound on my setting sf asked, but I thought maybe someone out there might have a suggestion or comment based on what I've said thus far.

Any help would be greatly appreciated.

For anyone wondering, here are the technical in depth settings. Y= checked on, N= not checked.

IIS installed with Common files, Documentation,FTP Service, IIS Snap In, World Wide Web Service
(with printers Virtual Dir, Scripts virtual dir, WWW Service)

Website status: Rnning, Host header name: blank, IP Addy: 70.26.129.237 port: 80

WEB SITE
HTTP keep alive enabled : Y
Enable loggging: Y

ISAP FILTERS: blank

HOME DIRECTORY:
content should come from: A Directory on this computer :Y
Local path: c:\inetpub\wwwroot (wich I have shared through explorer: share folder on network:Y, Allow users to change files: Y)

Script source acccess: N
Read: Y
Write: N
Dir browsing: N
Log Visits: Y
Index resource: Y

application setting:
Application name: Default Application
Execute Permissions: Scripts Only
Aplication protection: Medium(pooled)

DOCUMENTS:
enable default docimentss: Y
(I have set this to home.html and moved that name to the top of the list. I have copied home.html (and all oter website files) to the inetpub/wwwroot directory)
enable document folder: N

HTTP HEADERS:
enable content expiration: N

DIRECTORY SECURITY:
ANONYMOUS ACCESS & AUTHENTICATION CONTROL: (EDIT)
anonymous access: Y
User name: UBERSTATION\IUSR_UBERSTATION (UBERSTATION being my computer name)
allow IIS to control password: Y
basic authentication: N
Integrated Windows Authentication : N

Have you checked the XP firewall (or any other firewall software)? Maybe it's blocking port 80.

Thanks for the response Doug!
My XPfirewall is OFF, but I manually opened port 80 through it just in case Still no go.
I have no other firewall software installed, and am rnning Norton Antivirus 2005 and MSN Antispyware software.. I have disabled both of these in case they were causing problems, but get the same result.

What next?

ok, after some playing I got localhost to work...
It seems the only way it will work is when I assign my IP address to "All Unassigned" in the IIS website tab.

Thats great and all, but now I can't get anyone to view my page when they type http://<my ip address>

???