Can't access Webcast from local network

[LambWatch]

I've created a webcast using windows media pull method, and am trying to access it, to test if it's working, by going to :

http://localhost:PORT where PORT is the port i specify in the media player webcast settings, but it's just not playing... Should it work doing it this way? I've read and been told that this is a way to test if the webcast is working properly.

I'm on Windows 7, 64 bit

Thanks!