We were getting the above error while testing one of our WCF service. On syncing the clock of our client and server machine we were able to resolve the issue.
This helped us resolve the issue
http://social.msdn.microsoft.com/Forums/eu/wcf/thread/eccf2b09-6ea1-4663-9ddf-af29901ea60a
Bye.
I had been facing this issue in my local code and reseting IIS worked. (Closing Ports if using Cassini)
LikeLike