I seem to have figured out the issue, posting info here in case someone else encounters it.
Apparently, another application was using the same port. To identify it, I opened the command prompt and then typed:
netstat -p tcp -ano
Looking at the local address column, I identified a different process using the same IP and port. I copied the PID and then looked it up in task manager to identify the application.
In my case, it was wmime.exe - I haven't determined yet what it's part of. So instead, I opened the calibre preferences and changed the server port to 8079, which resolved the issue.
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