Hi I'm gonna clear something up here.
http://en.wikipedia.org/wiki/Localhost
127.0.0.1 is typically what's known as "localhost". It means you're directing your computer to connect to itself. Anyone who tries to join using 127.0.0.1 will try to connect to their own computer, not yours.
Head to http://www.whatismyip.com/ to find your actual IP address