On my Windows NT system: In Weblogic 7.0 I use the Configuration Wizard to define a domain with a single server that listens on port 7001 (and also 7002 for SSL). Then I use the script startWebLogic.cmd to start the server running. It starts up OK. Then I open my IE browser on the same machine and put in address http://localhost:7001/console.
You can check two things, may be helpful for you. 1. The domian you created, it's console enabled and the value u have given for console context path should be console.If you have given it some thing diff then you will have to use as http://localhost/THE NAME OF CONSOLE CONTEXT. 2. IF point one is fine then check this . Open your browser go to Tools >> Internet Options >>Lan Setting and be sure that use proxy server check box is not selected.