Right from looking at what you showed me, it looks like your default route to your localhost is not set + your localhosts ip in the ifconfig table.
your "ifconfig -a" should look like this:
lo Link encap:Local Loopback
inet addr:127.0.0.1 Mask:255.0.0.0
UP LOOPBACK RUNNING MTU:3924 Metric:1
RX packets:3348 errors:0 dropped:0 overruns:0 frame:0
TX packets:3348 errors:0 dropped:0 overruns:0 carrier:0
collisions:0 txqueuelen:0
Check to see if your scripts are ok for local interface.
# cat /etc/sysconfig/network-scripts/ifcfg-lo
should say
DEVICE=lo
IPADDR=127.0.0.1
NETMASK=255.0.0.0
NETWORK=127.0.0.0
# If you're having problems with gated making 127.0.0.0/8 a martian,
# you can change this to something else (255.255.255.255, for example)
BROADCAST=127.255.255.255
ONBOOT=yes
NAME=loopback
if it's not there you have a major problem.!
recreate the file with the above text in it, in the directory /etc/sysconfig/network-scripts/
like below.
-rwxr-xr-x 1 root root 254 Sep 20 1999 ifcfg-lo
now run the script:
/etc/sysconfig/network-scripts/ifup ifcfg-lo
local interface should start now.
do a ifconfig -a to check it says UP LOOPBACK RUNNING.
Now add the route to the routing table:
# route add -net 127.0.0.0 netmask 255.0.0.0 dev lo
should see in # route -rn
127.0.0.0 0.0.0.0 255.0.0.0 U 0 0 0 lo
That's it, don't know why the /etc/rc.d/init.d/network script failed to start these interfaces.
Now ping 127.0.0.1 does it work ?

/Raz