When I try to run slime for the first time with the CVS version from Dec 12, XEmacs 21.4.17, and SBCL 0.97, I get this error down in the messages area:
itimer "run-with-timer" signaled: (error "127.0.0.1/|^H& Servname not supported
And it appears to go on, but I'm lame enough that I haven't figure out how to read the rest of the messages buffer without making it disappear.
I might think I had some kind of local hosts or DNS misconfiguration, if the same setup didn't work perfectly well under regular GNU Emacs 21.4.1.
I know this is kind of lame for a bug report; I'm amenable to being told how to beat more useful information out of xemacs, like.. oh, say, the rest of that message.