Open a command window on the server and ping the host name, does it resolve to one of the local IP addresses?
If it doesn't, you can edit your local hosts (c:\windows\system32\drivers\etc\hosts) file to add it. After installation, you should be able to remove the entry.
You will want to use the actual IP and not the loopback address (127.0.0.1), as there are security settings in Windows which will block the loopback in the hosts file unless the registry is configured to disable the loopback check.