Cannot Access site on any other port than 80

I have set up a new site on port 8080, and i can browse the site locally, But not from other machines(i get "Internet Explorer cannot display the webpage"). I can access the default site which is on 80 on local as well as on other machines. I am not able to telnet to port 8080 from my external machines either, though i can telnet to port 80. What could be the problem ? I tried adding firewall exception for port 8080 but it still still does not work.