TF30177: Team Project Creation Failed

I'm getting the following error when trying to create a new team project using a WORKGROUP install of the TFS Release Candidate:

Error
TF30004: The New Team Project Wizard encountered an unexpected error while initializing the Microsoft.ProjectCreationWizard.Portal plug-in.

Explanation
TF30171: The Microsoft.ProjectCreationWizard.Portal plug-in used to create the new team project could not be initialized and returned the following error: Invalid URI: The hostname could not be parsed..

User Action
Contact your Team Foundation Server administrator

The team project creation log is as follows:

2006-02-12 12:15:35Z | Module: Internal | Team Foundation Server proxy retrieved | Completion time: 0.859375 seconds
2006-02-12 12:15:36Z | Module: Wizard | Retrieved IAuthorizationService proxy | Completion time: 0.671875 seconds
2006-02-12 12:15:36Z | Module: Internal | The template information for Team Foundation Server "TFSDEMO" was retrieved from the Team Foundation Server. | Completion time: 0.6875 seconds
2006-02-12 12:15:36Z | Module: Wizard | TF30227: Project creation permissions retrieved | Completion time: 0.28125 seconds
2006-02-12 12:15:48Z | Module: Engine | Thread: 9 | New project will be created with the "MSF for Agile Software Development - v4.0" methodology
2006-02-12 12:15:48Z | Module: Engine | Retrieved IAuthorizationService proxy | Completion time: 0 seconds
2006-02-12 12:15:48Z | Module: Engine | TF30227: Project creation permissions retrieved | Completion time: 0.015625 seconds
2006-02-12 12:15:50Z | Module: Engine | Wrote compressed process template file | Completion time: 0 seconds
2006-02-12 12:16:11Z | Module: Engine | Extracted process template file | Completion time: 20.734375 seconds
2006-02-12 12:16:11Z | Module: Engine | Thread: 9 | Starting Project Creation for project "Test1" in domain "TFSDEMO"
2006-02-12 12:16:11Z | Module: Engine | The user identity information was retrieved from the Group Security Service | Completion time: 0.015625 seconds
2006-02-12 12:16:11Z | Module: Initializer | Thread: 9 | The New Team Project Wizard is starting to initialize the plug-ins.
2006-02-12 12:16:11Z | Module: CssStructureUploader | Thread: 9 | Entering Initialize in CssStructureUploader
2006-02-12 12:16:11Z | Module: CssStructureUploader | Thread: 9 | Initialize for CssStructureUploader complete
2006-02-12 12:16:11Z | Module: Initializer | Thread: 9 | The New Team Project Wizard successfully Initialized the plug-in Microsoft.ProjectCreationWizard.Classification.
2006-02-12 12:16:11Z | Module: Rosetta | Thread: 9 | Entering Initialize in RosettaReportUploader
2006-02-12 12:17:34Z | Module: Rosetta | Thread: 9 | Exiting Initialize for RosettaReportUploader
2006-02-12 12:17:34Z | Module: Initializer | Thread: 9 | The New Team Project Wizard successfully Initialized the plug-in Microsoft.ProjectCreationWizard.Reporting.
2006-02-12 12:17:34Z | Module: WSS | Thread: 9 | Entering Initialize in WssSiteCreator
2006-02-12 12:17:34Z | Module: WSS | Thread: 9 | Site information: Title = "Test1" Description = "This team project was created based on the 'MSF for Agile Software Development - v4.0' process template."
2006-02-12 12:17:34Z | Module: WSS | Thread: 9 | Base site url: http:///sites
2006-02-12 12:17:34Z | Module: WSS | Thread: 9 | Admin site url: http://:17012/_vti_adm/admin.asmx
---begin Exception entry---
Time: 2006-02-12 12:17:35Z
Module: Initializer
Event Description: TF30207: Initialization for plugin "Microsoft.ProjectCreationWizard.Portal" failed
Exception Type: System.UriFormatException
Exception Message: Invalid URI: The hostname could not be parsed.
Stack Trace:
at System.Uri.CreateThis(String uri, Boolean dontEscape, UriKind uriKind)
at System.Uri..ctor(String uriString)
at System.Web.Services.Protocols.WebClientProtocol.set_Url(String value)
at Microsoft.VisualStudio.TeamFoundation.WssUtilities.CheckSiteExists(String baseSiteUrl, String siteName, ICredentials credentials)
at Microsoft.VisualStudio.TeamFoundation.WssSiteCreator.Initialize(ProjectCreationContext context)
at Microsoft.VisualStudio.TeamFoundation.EngineStarter.InitializePlugins(MsfTemplate template, PcwPluginCollection pluginCollection)
--- end Exception entry ---

2006-02-12 12:17:35Z | Module: Engine | Thread: 9 | Attempting to delete MSF folder "C:\Documents and Settings\Administrator\Local Settings\Temp\TPW_tmpA1.tmp"
2006-02-12 12:17:35Z | Module: Engine | Thread: 9 | The temporary folder C:\Documents and Settings\Administrator\Local Settings\Temp\TPW_tmpA1.tmp used to store the process template was removed.