Are you logged in as an administrator?
Are you sure MySQL and Apache are actually running?
Are you running them as services?
Check the apache error logs.
Check if port 80 is already in use.
Could a firewall be blocking the connection?
If you type in a non existent directory will you get the proper error page? (
http://127.0.0.1/nothere/)
I suppose you could also uninstall and try to install the zip file version.
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I have used both 1.5.4 installer, and 1.6.2 zip and both worked fine.
The only thing special I did was add "everyone" permissions to the folder of the 1.6.2 zip version. (And obviously I ran the batch file to correct all the paths).
Oh and I had to change Skype settings so that it would stop using port 80.