Got a bit further. am currently stuck on
2014-01-31 10:08:16.772263 Testing bitcoind RPC connection to 'http://127.0.0.1:16384/' with username 'ottocoinrpc'...
2014-01-31 10:08:16.782262 ...success!
2014-01-31 10:08:16.782523 Current block hash: 5d174ae4704560e4560573093ab9914dcf9fa38cc43ab5e74fb9aa0de61ab08d
2014-01-31 10:08:16.782603 Current block height: 145294
2014-01-31 10:08:16.782666
2014-01-31 10:08:16.782735 Testing bitcoind P2P connection to '127.0.0.1:16383'...
2014-01-31 10:08:21.783550 ...taking a while. Common reasons for this include all of bitcoind's connection slots being used...