Ping the Domain Controller via its DNS name, not IP. DCPromo uses DNS, not the IP, to run. If you can't ping the Domain controller by dns name, then ping by IP to confirm that the two machines can actually see each other. Also, the new computer won't be a BDC, windows 2000 domain controllers all contain the directory structure, but some are operations masters (PDC emulator, Infrastructer, schema master...)
Anyway, if you can't ping by IP, check your TCP/IP configuration and make sure youhave specified your internal Active Directory integrated DNS server so that the member server can even see the DC DNS name, also check your subnet, and router specifications.
I'm willing to bet it's a DNS issue. I'm almost positive because I've run into this before.
Good luck.
Mike