Hi Ervin,
The port is correct and config too.
There were 2 of many errors which i found to be significant.
One was regarding JCo, it read: "Could not load JCo native libraries, use 64 bit JVM". My system is 64 bit and JVM is 32 bit.
I think, this should not be the problem as i am not doing any connection to SAP System.
Reference - JCO Connection - Java Development - SCN Wiki
Another error was "Could not load the app from the real path <workspace path>\Servers\Java EE 6 Web Profile Server-config\webapps\TestApp and context path /TestApp java.lang.StackOverflowError null " (error in double quotes).
However, when i try to run the app with webapp preview (Jetty server), it comes up successfully.
Let me know if you would like to peek in the log file itself.