The problem you are experiencing is a problem with the port that exchange is listening on for POP3. 0x2740 (hex) is error number 10048 (decimal), which is a winsock "address already in use" error.
This is a known issue with Exchange Server 5.5 and Service Pack 4 for NT 4. The only solution to this problem is to upgrade to Service Pack 5, 6 or 6a.
Note, however, if you are using the Scripting runtime in any early bound COM components, you will have to upgrade the scripting engine after install of the service packs. This is not a problem if you do not use custom or third party DLLs in Internet applicaitons on your network.
Here is the entire error you are getting:
EventID: 11508
Source: MSExchange POP3
Description:
Accept clients on POP3 interface failed in function HrRegisterProtocol with error 0x2741.
This can also cause problems with NNTP (newsgroups/discussion groups) on NT 4.
Gregory A. Beamer
MCP: +I, SE, SD, DBA