System.ServiceModel.AddressAccessDeniedException: HTTP could not register URL

Windows Vista or later version of windows operating systems has a new security setting that restricts users to run service with default administrative privilege. As a consequence people are migrating or developing in VISTA or Win 7 or Windows 2008 server might encounter the following exception.

HTTP could not register URL http://+:8000/. Your process does not have access rights to this namespace (see http://go.microsoft.com/fwlink/?LinkId=70353 for details).

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