Typically, the case is that the port is already in use, and you can find out through netstat and then find the process through its process id,but based on the second part of the exception “Cannot assign requested address (Bind failed)” there is another possibility. This points to an issue with the hostname to ip address mapping in the etc/hosts .
You could check with your system administrator about this configuration. The log messages generated in the wrapper.log and the full.log should have more information /stacktrace.
-NP
#webMethods#My-webMethods-Server