The web page cannot display with HTTP 404 Error when trying to open web app with Host header

Hi,

I have created a web application with Host Header on port 80 through Central Admin on SharePoint 2010.

I added entry of host header for IP in local hosts file under drivers folder and have put Site bindings in inetmgr

But when i try to browse my web application,it does not open and displays message "The web page cannot be found" with HTTP 404 not Found error.

Please suggest me where I am doing wrong.I am new to use of Host Headers in SharePoint web apps.Please help me solving this issue.

Priya