Error "Address already in use: JVM_Bind" when running Hello GWT app in NetBeans 7.3 Beta 2

I followed the instruction from the following link: 
http://netbeans.org/kb/docs/web/quickstart-webapps-gwt.html#creating 
and got the following error when I run the project: 
[gae:run] 
Monitor failed to start 
java.net.BindException: Address already in use: JVM_Bind 
at java.net.DualStackPlainSocketImpl.bind0(Native Method) 

I've searched for a solution on the web but could not find one. Would someone please give me some pointer on this? Also, is there a way for me to configure the NetBeans IDE to use a dynamic port everytme I run a web project? 

Thank you in advance for your help. 

-Otosaat

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