I guess it is time for web exploration!!
I just tried http:// in the address bar, no address associated with http://. But the browser automatically added another '/' and tried the URL as http:/// to find nothing. Why does it do that? I tried Googling but did not find results matching the same. (10 mins search resulted nothing, cannot waste more time on this).
Then i thought let's see how other browsers behave and downloaded Mozilla firefox. It was smart enough and poped up a dialog saying the address is invalid. Time to try netscape, opera, safari...
OR I should simply write to Microsoft IE forums to check with the folks who developed IE and what's gonna happen with IE8.