Error message when launching IE 7.0

Hi Members,
I was trying to launch an web application (Some sort of bus services - Intranet) from my IE 7.0 and I get the below copied error message.
Unable to establish connection to the Action Processor
Verify the Action Processor is running and the configuration URL is correct
Suggest as whether I've to verify by IE settings or the URL host/port settings.
Arun
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