connect() to 127.0.0.1:80 failed (99: Cannot assign requested address

[brainchill]

Everyone is telling this guy that he's clueless but the bottom line is the
very first guy that answered the question nailed it ... 

"The message suggests you've either run out of local sockets/ports,
or connections are administratively prohibited. You may try unix
sockets to see if it helps."

Try setting 
kernel option  net.ipv4.ip_local_port_range to 1024 65000

The default setting is 32768 61000

Posted at Nginx Forum: http://forum.nginx.org/read.php?2,240816,241121#msg-241121