Yep. It's rather useful too. If you're simultaneously testing multiple services that expect to exclusively bind to a socket, you can set application a to listen on 127.0.0.1, and application b to 127.127.127.127. Beats stopping and restarting by a long shot.

Offhand, the BitTorrent Sync WebUI thing has a rather bad smell to it. There are ways to protect that info from getting out, but it's definitely suspect.