Small Install question

Hi,

I think I’m an idiot but I’m installing WordPress MU and i choose to have all new blogs in a new Directory and not in a subdomain.
the installation was very simple and i can login has an admin, however after i create a new blog i cant see it i got a 404 , i get a link in the mail like http://172.x.x.x/test/ however i get 404 .

in the Site admin i can see that a new blog was opened, i also checked my Apache and i don’t see any new folder opened .

My configuration
Linux – Centos 5 (the best)
Apache 2.2.3
PHP 5
Mysql (lastest)

Thanks in adavance