That gives me something:
Your Phex doesn't seem to get a connection _out_, because it can't determine its own IP address (normally other clients answer to give it an address).

How many files do you share? (Please _don't_ tell me which ones, just the approximated number of files - I ask because at least 127.0.0.1:your_port should show up, except if you have a local firewall running, like norton or the Windows Firewall, for example).

Do you see red hosts appear and disappear in the Phex Network tab?

If yes, Phex is trying to connect.
If not, could you try if you see them when you hit the connect icon at the upper left corner of the Phex window?

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