Cannot connect to repository in RRC Beta 2

I've installed RRC Beta 2 server on a VM partition running Windows Server 2003 SP2. I have the RRC Beta 2 client installed on a Windows XP box. When I attempt to connect to the repository (project area) I created in RTC on the server, I get the dreaded error message below:

CRRRC2260E The connection to the respository does not work.
Reason: Either the username or the password is not valid.

I have been to the wiki and read the setup troubleshooting section. The user I'm using to attempt the connection is a JazzAdmin, a JazzUser, has both Author and System licenses assigned, and is both a Member and an Administrator of the project area.

In the RTC advanced properties, the Host Name was blank and apparently defaulted to 127.0.0.1 as that's what showed up in .../rdm/rootservices and ../jazz/process/project-areas, respectively. Thinking perhaps it wanted the real host name I modified that property. After that, rootservices continued to show 127.0.0.1 but project-areas showed the host name.

I attempted to put Host Name back the way it was by simply deleting the value from the Host Name field, but that caused project-areas to use an empty string in place of it instead of reverting to 127.0.0.1.

One final bit of info: trying to launch ../rdm/web/rrc from either the server or any remote machine results in a screen that says "Loading..." and sits there forever.

Obviously, I'm missing some essential piece of the puzzle. Any ideas or hints would be appreciated.