WAMP Server's Apache Service Not Starting in Windows 8
Solution 1:
I finally found out the culprit, it was the SQL Server 2012 reporting and analysis services that were using port 80.
I opened up services.msc from the command prompt, disabled both these services and WAMP Server works perfectly now with no localhost problem.
Thanks to all those who provided the answers to this question, they were right but unfortunately all the solutions presented had already been applied in my case.