Defining Stream Title Error,
 

[yp_add] yp.shoutcast.com gave error (nak)
[yp_add] yp.shoutcast.com gave extended error (please type something else in the stream title/description field)

I am receiving the above error briefly after I had launched the shoutcast program and started playing the music file for streaming.

I did some browsing around in case there are already a solution to this. I have read that I need to have the http port 80 open. I am sure it is open as I do not have any proxy or firewall running. Any expert advice is greatly appreciated. Thanks in advance for your time.

no you do not need to open port 80

all you need to do is give your station a description the shoutcast plugin Output (tab) -> Yellow Pages (button)