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How can I access a virtual controller as a localhost via http?

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Hi all,
I'm able to access a live robots server on the network using its IP via HTTP and read/write to its resources absolutely fine. However, I'd like to continue development using the web services via a virtual controller. In the documentation it says the virtual controller is by default at port 80, however, when the virtual controller is running and I try and access its server and its resources by http, I get the error 404 - cannot find the virtual controller on my computer essentially.

I've tried changing my computer settings (IIS) for local hosting but still no luck, I'm still uncertain as to whether this error relates to my computer settings or the virtual controller? Can a virtual controller support localhosting? 

Cheers.