There are several conditions that can cause an error when you attempt to test the stream from your publishing point. Check for the following conditions:
If you cannot navigate to the content then the server cannot access it. Check that you have adequate rights to the content location and that your network is operational if the content is located on a network resource.
The test stream utility uses the Windows Media Player control to play back content.
If you are streaming content from an on-demand publishing point and the content is located in a subdirectory the Enable access to directory content using wildcards property must be enabled. This property is disabled by default.