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Do you have inetd configured to actually listen on that port? Did you add a specification to inetd.conf that indicates which service to execute when a call is inbound on that port?
Unfortunately, I have no idea what service you intend to run on 8080. I will take a wild guess that it's a Web service. Do you already have a Web service accepting requests on port 80? If so, you could just replicate the commands. Let me know the answer and I can give you PRECISE commands to type.
Also, make sure your firewall isn't blocking port 8080--which would be an independent problem--or we'll be here all year. You can't learn Linux administration by guesses, fits, and starts.
Clearly, the connection is being accepted inbound, otherwise there would be no engine that received the request and resultantly tried to execute the CGI command.
The problem lies with the CGI command--or with some other peer weith which it is attempting to communicate.
You just told me a moment ago that port 8080 is open.