Just to clarify a point which has already been briefly mentioned. You're not naming the server with -S you're telling it which interface to bind to. As mentioned previously 'localhost' will have it bind to the loopback address (127.0.0.1). A string name will bind it to the IP address that the supplied hostname resolves to, if you have no alias in your hosts file you could get odd results. The daemon itself does not care what hostname is being used to access it, it just uses specified argument to determine which address it should bind to. If you name your host 'taygete' it will bind to the IP specified by your local resolver (either hosts or another DNS service) for that hostname, but, anyone who access that IP either directly or via their own alias, 'not-taygete' as an example, would still reach your app (dependant on network configuration of course).
On another quick note, you can use any port you want, but, always remember you need to be running as root to bind to a privileged port (anything under 1024)