WCF: System.Net.SocketException - Only one usage of each socket address (protocol/network address/port) is normally permitted

When testing a web service in Visual Studio I got the "System.Net.SocketException - Only one usage of each socket address (protocol/network address/port) is normally permitted" error, which prevented me from testing the code. I quickly google the
error and got the following solution:

1. Open regedit.
2. Open key HKLM\System\CurrentControlSet\Services\Tcpip\Parameters
3. Create or Edit DWORD with MaxUserPort as the value.
4. Set it to a higher number. (i.e. 50000 Decimal)

Answered by JRista