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logmein Installation Error 10048

I was trying to install the latest version of logmein free on a Windows Server 2003 machine. Installation got right to the end where it tries to start the logmein service and it failed to start the service.
Trying to start it manually fails too with the text below.
Windows could not start the logmein service on the local computer

Error 10048 : Only one usage of each socket address
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