I am trying to create a new team project and get the following error

---begin Exception entry---
Time: 2006-03-31 13:12:09Z
Module: Engine
Event Description: TF30162: Task "SharePointPortal" from Group "Portal" failed
Exception Type: Microsoft.TeamFoundation.Client.PcwException
Exception Message: Unable to connect to the Windows SharePoint Services at
azsactapp74
Exception Details: The Project Creation Wizard was not able to connect to
the Windows SharePoint Services
at azsactapp74. The reason for the failed connection cannot be determined at
this time.
Because the connection failed, the wizard was not able to complete creating
the Windows SharePoint Services site.
Stack Trace:
  at
Microsoft.VisualStudio.TeamFoundation.WssSiteCreator.Execute(ProjectCreationContext context, XmlNode taskXml)
  at
Microsoft.VisualStudio.TeamFoundation.ProjectCreationEngine.TaskExecutor.PerformTask(IProjectComponentCreator
componentCreator, ProjectCreationContext context, XmlNode taskXml)
  at
Microsoft.VisualStudio.TeamFoundation.ProjectCreationEngine.RunTask(Object
taskObj)
--   Inner Exception   --
Exception Type: Microsoft.TeamFoundation.Client.PcwException
Exception Message: Unable to connect to the Windows SharePoint Services at
azsactapp74
Exception Details: The Project Creation Wizard was not able to connect to
the Windows SharePoint Services
at azsactapp74. The reason for the failed connection cannot be determined at
this time.
Because the connection failed, the wizard was not able to complete creating
the Windows SharePoint Services site.
Stack Trace:
  at
Microsoft.VisualStudio.TeamFoundation.WssSiteCreator.VerifyLcidOnServer(ProjectCreationContext ctxt, Int32 lcid)
  at
Microsoft.VisualStudio.TeamFoundation.WssSiteCreator.ValidateSite(ProjectCreationContext context, XmlNode site)
  at
Microsoft.VisualStudio.TeamFoundation.WssSiteCreator.Validate(ProjectCreationContext context, XmlNode taskXml)
  at
Microsoft.VisualStudio.TeamFoundation.WssSiteCreator.Execute(ProjectCreationContext context, XmlNode taskXml)
-- end Inner Exception --
--   Inner Exception   --
Exception Type: System.Net.WebException
Exception Message: Unable to connect to the remote server
WebException: Status : ConnectFailure
Stack Trace:
  at System.Net.HttpWebRequest.GetRequestStream()
  at System.Web.Services.Protocols.SoapHttpClientProtocol.Invoke(String
methodName, Object[] parameters)
  at Microsoft.TeamFoundation.Proxy.Portal.Admin.GetLanguages()
  at
Microsoft.VisualStudio.TeamFoundation.WssSiteCreator.VerifyLcidOnServer(ProjectCreationContext ctxt, Int32 lcid)
-- end Inner Exception --
--   Inner Exception   --
Exception Type: System.Net.Sockets.SocketException
Exception Message: No connection could be made because the target machine
actively refused it
Stack Trace:
  at System.Net.Sockets.Socket.DoConnect(EndPoint endPointSnapshot,
SocketAddress socketAddress)
  at System.Net.Sockets.Socket.InternalConnect(EndPoint remoteEP)
  at System.Net.ServicePoint.ConnectSocketInternal(Boolean connectFailure,
Socket s4, Socket s6, Socket& socket, IPAddress& address, ConnectSocketState
state, IAsyncResult asyncResult, Int32 timeout, Exception& exception)
-- end Inner Exception --
--- end Exception entry ---

Thanks,
Erik